The Grayscale Dogecoin Trust ETF (ticker: GDOG) is a passive investment vehicle that holds Dogecoin (DOGE) on behalf of investors, giving them exposure to DOGE's price through a publicly traded security listed on NYSE Arca without requiring them to directly buy, store, or secure DOGE themselves. Each share represents a proportional ownership interest in the Trust's DOGE holdings. The Trust does not actively trade, use leverage, or employ derivatives — it simply holds DOGE and tracks its price, less fees. The Trust targets retail and institutional investors who want DOGE exposure through a regulated, brokerage-accessible security rather than through a crypto exchange. The Trust charges a Sponsor's Fee of 0.35% per year of NAV, paid daily in DOGE, which is the sole source of revenue for Grayscale Investments Sponsors, the Sponsor. Because the fee is paid in DOGE taken from Trust holdings, the amount of DOGE per share gradually declines over time. The Sponsor covers all ordinary operating expenses out of this fee. Shares are issued and redeemed only in blocks of 10,000 shares through registered Authorized Participants — currently Jane Street, Virtu, Macquarie, and ABN AMRO — on a cash-only basis. The Trust's DOGE is custodied by Coinbase Custody Trust Company, held primarily in cold storage with private keys split into encrypted shards stored across geographically distributed secure vaults.