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Points of Focus
- Bitwise will liquidate its DOGE ETF, BWOW, less than 10 months after launch, with trading scheduled to end Oct. 14.
- BWOW held $721,815 in assets as of Sept. 8, after ending 2025 with $1.15 million and falling below $500,000 by June.
- The closure comes as demand across newer single-token crypto ETFs remains highly uneven.
Bitwise will liquidate its Dogecoin (DOGE) exchange-traded fund (ETF) less than 10 months after launch, closing a fund that held just $721,815 in assets as of Sept. 8.
Bitwise announced the closure on Sept. 10. BWOW will continue trading on NYSE Arca through Oct. 14 and cease operations after the market closes.
Investors still holding shares will receive cash based on the fund’s Oct. 21 net asset value, with distributions scheduled for Oct. 22.
The company said it is closing the fund as it “continues to optimize its product range to meet evolving investor needs.” It did not identify low assets or trading activity as the reason for the decision.
BWOW fell below $500,000 by June
BWOW began trading on Nov. 26, 2025, with a 0.34% management fee and direct exposure to DOGE held through Coinbase Custody. At launch, Bitwise described Dogecoin as a $22-billion asset with roughly $1 billion in daily centralized exchange volume.
The launch announcement said millions of DOGE holders could benefit from accessing the asset through an exchange-traded product.
The fund ended 2025 with $1.15 million in net assets and 60,000 shares outstanding, according to its annual US Securities and Exchange Commission filing.
By March 31, net assets had fallen to $604,292 and shares outstanding had declined to 40,000. Assets dropped again to $473,547 at the end of June, while the share count remained at 40,000. The fund later recovered to 50,000 shares and $721,815 in assets under management (AUM) as of Sept. 8.
Price losses also weighed on the fund. Bitwise’s latest performance data show BWOW’s net asset value (NAV) down 45.37% cumulatively from inception through Aug. 30, with its market price down 45.92%.
That makes the AUM decline a combination of DOGE’s falling value and limited asset gathering.
BWOW had fewer shares outstanding in September than it did at the end of its first full month of operations.
Dogecoin itself remains a large and actively traded crypto asset. CoinGecko put its market capitalization at about $14 billion on Sept. 9, with nearly $900 million in daily trading volume.
Crypto ETF demand is splitting sharply by asset
BWOW’s size stands out against Bitwise’s Solana product.
The Bitwise Solana Staking ETF, BSOL, crossed $500 million in assets less than a month after its October 2025 launch, according to Bitwise. More recently, BSOL accounted for the full $11.2 million of US spot Solana (SOL) ETF inflows on Sept. 9. That followed another $2 million inflow into BSOL on Sept. 3 after US spot Solana ETFs had previously recorded an 11-session inflow streak.
Dogecoin continues to attract activity in crypto-native markets. DOGE went live across more than 10 Solana applications through Sunrise on Sept. 7 and generated more than $10 million in trading volume within its first three hours. Raydium accounted for more than $9 million of the early volume.
Bitwise is also pruning other parts of its ETF lineup. On Sept. 10, the company separately announced plans to liquidate AETH, its Trendwise Ethereum and Treasuries Rotation Strategy ETF. In May, it announced the closure of BTOP and BWEB as part of another product-line review.
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