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Grayscale Dogecoin Trust ETF Financials

GDOG
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Grayscale Dogecoin Trust ETF (GDOG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GDOG FY2025

Cash burn funded by financing, not operations, is the central mechanic in this asset-backed, debt-free structure.

The gap between -$6.2M of operating cash outflow and -$2.2M of net loss shows that FY2025 accounting results understated how much cash the structure actually consumed. Because financing inflow replaced that drain while liabilities stayed at $0, the year was effectively funded by new capital coming in rather than by the vehicle funding itself.

Balance-sheet posture is unusually clean: with $3.9M of assets and $0 of liabilities, creditors are not the source of pressure; the constraint is cash usage against a small equity base. That matters because solvency is not being protected by borrowing capacity here, but by the ability to keep capital aligned with outflows.

This filing looks less like a normal operating company and more like a capital vehicle: revenue and gross margin are absent, while returns on assets and equity both sit at -56.2%, meaning the loss was large relative to the capital supporting the structure. The statements therefore say more about funding design and cash replacement than about sales efficiency or fixed-cost absorption.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 17 / 100
Financial Profile 17/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grayscale Dogecoin Trust ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage
100

Grayscale Dogecoin Trust ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns
0

Grayscale Dogecoin Trust ETF generates a -56.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Earnings Quality Low Quality
2.80x

For every $1 of reported earnings, Grayscale Dogecoin Trust ETF generates $2.80 in operating cash flow (-$6.2M OCF vs -$2.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$2.2M

Grayscale Dogecoin Trust ETF reported -$2.2M in net income in fiscal year 2025.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
N/A
Dividends Per Share
N/A
Shares Outstanding
284,700

Grayscale Dogecoin Trust ETF had 284,700 shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
-56.2%

Grayscale Dogecoin Trust ETF's ROE was -56.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

GDOG Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A
Net Income -$2.4M-20.3% -$2.0M-381.5% $715K+7844.4% $9K+101.0% -$911K
EPS (Diluted) N/A N/A N/A N/A N/A

GDOG Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $6.8M+72.6% $3.9M N/A N/A N/A
Current Assets N/A N/A N/A N/A N/A
Cash & Equivalents N/A N/A N/A N/A N/A
Inventory N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A
Total Liabilities $0 $0 N/A N/A N/A
Current Liabilities N/A N/A N/A N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A
Total Equity $6.8M+72.6% $3.9M N/A N/A N/A
Retained Earnings N/A N/A N/A N/A N/A

GDOG Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow N/A N/A N/A N/A N/A
Capital Expenditures N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A
Financing Cash Flow N/A N/A N/A N/A N/A
Dividends Paid N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A

GDOG Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A
Return on Equity -35.8%+15.6pp -51.4% N/A N/A N/A
Return on Assets -35.8%+15.6pp -51.4% N/A N/A N/A
Current Ratio N/A N/A N/A N/A N/A
Debt-to-Equity 0.000.0 0.00 N/A N/A N/A
FCF Margin N/A N/A N/A N/A N/A

Frequently Asked Questions

No, Grayscale Dogecoin Trust ETF (GDOG) reported a net income of -$2.2M in fiscal year 2025.

Grayscale Dogecoin Trust ETF (GDOG) has a return on equity of -56.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Grayscale Dogecoin Trust ETF (GDOG) generated -$6.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Grayscale Dogecoin Trust ETF (GDOG) had $3.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Grayscale Dogecoin Trust ETF (GDOG) had 284,700 shares outstanding as of fiscal year 2025.

Grayscale Dogecoin Trust ETF (GDOG) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Grayscale Dogecoin Trust ETF (GDOG) had a return on assets of -56.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Grayscale Dogecoin Trust ETF (GDOG) has an earnings quality ratio of 2.80x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Grayscale Dogecoin Trust ETF (GDOG) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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