Bitwise Pulls the Plug on Dogecoin ETF BWOW Just 10 Months After Launch
Bitwise has announced it will wind down the Bitwise Dogecoin ETF, ticker BWOW, on NYSE Arca, less than one year after launch. According to a filing with the U.S. SEC on Sept. 10, the fund will be officially shuttered following the final trading day on Oct. 14 and will no longer trade before market open on Oct. 15.
The asset manager described the closure as part of an effort to streamline its product suite as investor needs change. Bitwise did not identify any particular amount of assets under management, trading volume, or operating expenses that led to the closure.
BWOW began trading on Nov. 26, 2025, and allows investors to gain indirect exposure to Dogecoin via an exchange-traded product without holding DOGE▲$0.0778.
As part of its liquidation plan, Bitwise is expected to start converting BWOW’s Dogecoin to cash on or around Oct. 14. Investors will still be able to sell the shares of BWOW on the secondary market before market close on that day. However, shareholders who remain in the fund do not need to submit redemption requests.
According to the filing, Bitwise plans to determine BWOW’s final NAV on Oct. 21. Bitwise plans to distribute the cash proceeds to remaining shareholders on Oct. 22. The portfolio should be liquidated by then or shortly after. The ETF will no longer be able to pursue its stated investment objective, as its DOGE holdings will have been sold.
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The final payment may be directly distributed to shareholders’ brokerage accounts. Bitwise has indicated that liquidation may also lead to taxable gains or losses, influenced by investors’ cost basis, holding period, and account structure.
The company coordinated with NYSE Arca on the delisting, and plans to terminate the registration of shares once liquidation is completed.
No important trading took place in BWOW immediately upon launch; estimates put the volume at roughly $3 million in the first week. It never reached this volume again in the months after. Citing SoSoValue data, the original report said that in August, US-based Dogecoin exchange-traded products saw net inflows of an estimated $318,000, a reversal of muted outflows in July, but still far below the inflows of established products for Bitcoin and Ether.
Since the ETF only invested in a single cryptoasset, the ETF wasn’t diversified and was fully exposed to Dogecoin price fluctuations. Risks identified in its disclosures included liquidity, custody, theft, blockchain, regulatory and issuance risks.
Bitwise describes DOGE as a memecoin without a stated utility objective, and states its unlimited issuance may not make it a viable long-term investment.
Closing BWOW did not close Bitwise’s crypto investment products: Bitwise still offers funds connected to Bitcoin, Ether, Solana, XRP▲$1.13, Chainlink, Avalanche, and Hyperliquid.
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Investors who sell BWOW before liquidation will receive the market price at the time of order execution, while those holding through liquidation will receive cash based on the Oct. 21 net asset value.
When it launched in 2025, BWOW had a management fee of 0.34%, although Bitwise waived its management fee for a period of time under conditions in the fund’s launch documents.
