Bitwise Investment Advisers is pulling the plug on its Dogecoin ETF, announcing the liquidation of BWOW less than a year after the fund debuted on NYSE Arca. The product launched to $3 million in trading volume back in November 2025. It never came close to that number again.
The ETF will stop trading on October 14, 2026, with final cash distributions hitting shareholder accounts on October 22.
From launch-day buzz to sub-$1M in assets
BWOW launched on November 26, 2025, carrying a 0.34% expense ratio. That opening-day volume of $3 million suggested at least some appetite for regulated Dogecoin exposure.
The appetite didn’t last. By June 30, 2026, the fund held roughly 6.56 million DOGE tokens valued at approximately $473,699. The NAV per share had 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.
In more recent months, assets under management contracted even further, dipping below the $1 million mark.
Bitwise cited poor investor uptake and a need to realign its product lineup. The firm had already closed several option-income strategy ETFs in July 2026, suggesting a broader cleanup of underperforming offerings rather than a sudden loss of faith in crypto products specifically.
Dogecoin ETFs: a crowded field chasing a thin market
BWOW wasn’t the only Dogecoin ETF in town. Grayscale’s GDOG, 21Shares’ TDOG, and REX-Osprey’s DOJE all remain operational. Collectively, Dogecoin ETFs attract a fraction of the capital that flows into Bitcoin or Ether funds.
The asset manager’s pivot
The firm’s July 2026 closure of several option-income strategy ETFs reinforced that this is a portfolio-wide rationalization, not a retreat from digital assets. Bitwise continues to operate products tied to Bitcoin and other established crypto assets.
Shareholders who still hold BWOW shares have a clear timeline: trading ends October 14, cash arrives October 22. Investors will want to consult their tax advisors on the implications of the forced sale, particularly given the fund’s steep losses.