Bitwise to Close Dogecoin ETF Before Its First Anniversary

Bitwise to Close Dogecoin ETF Before Its First Anniversary

Bitwise, a prominent crypto asset manager, has announced plans to liquidate its Dogecoin exchange-traded fund (ETF), BWOW, less than a year after its launch. The decision comes as part of efforts to "optimize its product range to meet evolving investor needs." The fund, which held approximately $722,000 in assets this month, will cease trading on NYSE Arca on October 14, 2026.

Background and Launch

The BWOW fund was launched on November 26, 2025, offering investors exposure to Dogecoin through brokerage accounts without the need to buy and store the cryptocurrency themselves. At the time of its launch, Bitwise CEO Hunter Horsley pointed to Dogecoin's staying power and its holders' appetite for an exchange-traded product. "Bitwise is launching BWOW because many DOGE holders, a community that numbers in the millions, want the benefit that comes from getting exposure to crypto in an ETP format, and we believe they should have it," Horsley said.

Reasons for Closure Unclear

While the decision to close the fund was attributed to efforts to optimize Bitwise's product range, the company did not cite the fund's performance or asset holdings as a reason for its closure. The BWOW fund currently holds approximately 8.2 million DOGE worth roughly $688,000, according to the fund's website. This is a significant decrease from the fund's initial launch, which held a substantial amount of assets.

Context and Competition

The closure of the BWOW fund comes amidst a wave of crypto fund launches in the past year. Other firms, such as Grayscale, have introduced their own Dogecoin and XRP ETFs, expanding beyond Bitcoin and Ethereum into products tracking other tokens. The launch of these funds marked a significant shift in the crypto market, as issuers began to cater to the growing demand for exposure to alternative cryptocurrencies.

Implications and Next Steps

The closure of the BWOW fund will likely have implications for investors who have held shares in the fund. Shareholders will receive the net asset value of their shares as of October 21, 2026, distributed in cash on October 22, 2026. This process will not require any action from shareholders, as Bitwise has stated. The closure of the fund also raises questions about the future of crypto ETFs and the evolving needs of investors in the market.

Timeline and Key Dates

* November 26, 2025: BWOW fund launched on NYSE Arca * October 14, 2026: Final trading day for BWOW on NYSE Arca * October 21, 2026: Net asset value of shares will be determined * October 22, 2026: Shareholders will receive the net asset value of their shares in cash