Bitwise to liquidate and close Dogecoin ETF on Oct. 14

Bitwise is set to liquidate and close its Dogecoin ETF BWOW, with the decision taking effect Sept. 10, 2026. The investment adviser said the move is part of its efforts to optimize its product lineup as investor needs evolve.

The fund is expected to trade for the final time on NYSE Arca on Oct. 14. Investors can sell their shares in the secondary market until the close of trading that day, while the creation of new BWOW shares will cease before the market opens on Oct. 15. Bitwise will convert the fund’s Dogecoin holdings to cash as part of the process.

Shareholders who remain in the fund will receive their shares’ net asset value as of Oct. 21 in cash on Oct. 22. Bitwise said no action is required from shareholders and that it has worked with NYSE on the fund’s orderly delisting and liquidation.

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.