Bitwise shuts down Dogecoin ETF less than a year after launch

Bitwise Investment Advisers is liquidating its spot Dogecoin exchange-traded fund, BWOW, less than ten months after its November 2025 launch. The fund will halt trading on October 14, 2026, following poor investor demand and a 45.37% performance loss through August 2026. BWOW struggled to attract capital, holding just $721,820 in assets compared to rival Grayscale's GDOG, which secured $11.7 million. Bitwise is framing the closure as a portfolio optimization effort.

BWOW ETF liquidation announcement

• ▪Remaining shareholders of the Bitwise Dogecoin ETF will receive their final cash distributions based on the net asset value on October 22, 2026
• ▪Bitwise Investment Advisers announced on September 10, 2026, that it will liquidate and close its spot Dogecoin exchange-traded fund, BWOW
• ▪The last day of trading for the Bitwise Dogecoin ETF on NYSE Arca is scheduled for October 14, 2026

Poor investor demand

• ▪The Bitwise Dogecoin ETF closed with $721,820 in assets, representing roughly 6% of the total capital across all US spot Dogecoin funds
• ▪The Bitwise Dogecoin ETF launched in November 2025 with $3 million in opening-day trading volume but failed to maintain investor interest
• ▪According to SoSoValue data, the Bitwise Dogecoin ETF experienced lifetime net outflows of negative $1.23 million

Steep fund performance losses

• ▪The net asset value per share of the Bitwise Dogecoin ETF declined from $19.21 at the end of 2025 to $11.84 by June 30, 2026
• ▪Dogecoin, the underlying cryptocurrency tracked by the fund, traded around $0.084 with a $13 billion market cap at the time of the announcement
• ▪The Bitwise Dogecoin ETF recorded a negative 38.37% total return for the first half of 2026 and a 45.37% loss from launch through August 30, 2026

Competing Dogecoin ETF products

• ▪Spot Dogecoin exchange-traded funds accumulated approximately $300 million in trading volumes, which was significantly lower than other altcoin exchange-traded funds
• ▪Grayscale's GDOG, 21Shares' TDOG, and REX-Osprey's DOJE remain operational as competing Dogecoin exchange-traded funds
• ▪Grayscale's GDOG accumulated $11.7 million in assets, while 21Shares' TDOG brought in $1.63 million over the same period

Bitwise product portfolio cleanup

• ▪Bitwise previously closed several option-income strategy exchange-traded funds in July 2026 as part of its broader portfolio rationalization
• ▪Bitwise stated that the liquidation of the Dogecoin ETF is part of an ongoing effort to optimize its product range