Bitwise is liquidating its spot Dogecoin ETF less than a year after launch, with trading set to end Oct. 14 and cash payouts to follow on Oct. 22. The fund's assets contracted as Dogecoin's price fell, even as rival Dogecoin ETFs kept operating.
Bitwise Investment Advisers is shutting down its spot Dogecoin ETF (BWOW), less than a year after the fund debuted on NYSE Arca. The last day of trading on the NYSE is expected to be Oct. 14, and shareholders may sell their shares in the secondary market until the close of trading that day.
On Oct. 22, remaining shareholders will receive the net asset value of their shares as of Oct. 21, distributed in cash. Bitwise said in a release that it is liquidating the fund as part of an effort to optimize its product range for evolving investor needs.
Launch-day buzz faded fast
BWOW launched on Nov. 26, 2025, carrying a 0.34% expense ratio. The fund generated about $3 million in trading volume in its first week, but it never came close to that figure again.
Assets shrank as Dogecoin's price fell
By June 30, 2026, the fund held roughly 6.56 million DOGE tokens valued at approximately $473,699. Its NAV per share slid from $19.21 at the end of 2025 to $11.84 at mid-year, a total return of negative 38.37% for the first half of 2026, and assets under management have since dipped below the $1 million mark.
Dogecoin trades around $0.084 at publication time, giving the coin a $13 billion market cap. It has been knocked out of the top 10 cryptocurrencies over the past year amid the rise of HYPE and ZEC.
Bitwise trims its lineup as rivals stay open
Bitwise CEO Hunter Horsley said last year: "DOGE began as a joke and came to become an icon of the crypto movement." The firm had already closed several option-income strategy ETFs in July 2026, suggesting a portfolio-wide rationalization rather than a retreat from crypto products.
Grayscale's GDOG, 21Shares' TDOG, and REX-Osprey's DOJE remain operational, but Dogecoin ETFs collectively attract a fraction of the capital that flows into Bitcoin or Ether funds. Still, the funds recorded about $318,000 in net inflows last month, reversing small outflows from July.
Sources: The Block, Crypto Briefing
Trading involves risk.
Risk Disclaimer
