Bitwise Investment Advisers plans to close and liquidate the Bitwise Dogecoin ETF, which trades on NYSE Arca under the ticker BWOW. The company announced the decision on September 10 and said the fund’s final trading day is expected to be October 14.

Trading will end before the market opens on October 15, when the creation of new shares will also stop. In its official liquidation announcement, Bitwise said it was seeking to “optimize its product range to meet evolving investor needs.” The company did not identify weak demand, operating costs or fund performance as the specific reason for the closure.

The fund’s assets and trading record indicate that it struggled to build scale. BWOW launched in late November 2025, meaning its expected final trading session will occur less than 11 months later.

BWOW represented about 6% of assets in a three-fund comparison

As of September 10, BWOW had approximately $687,730 in net assets and cumulative net flows of negative $1.23 million, according to SoSoValue\u0026coin=DOGE\u0026page=usDOGE\u0026isDynamicHkPage=1).

The comparison covers only GDOG, TDOG and BWOW, the three products included on SoSoValue’s US Dogecoin ETF dashboard. It does not represent every US-listed product offering DOGE exposure, including REX-Osprey’s DOJE.

The three funds held approximately $11.83 million in combined assets. BWOW accounted for about 6% of that total, compared with roughly 73% for GDOG. Only $5,920 worth of BWOW shares changed hands on September 10, equal to 429 shares and less than 1% of the fund’s net assets.

Low trading activity can leave investors with fewer counterparties and make execution near net asset value less reliable. The fund’s limited turnover also indicated that its lower annual fee had not been enough to attract substantial assets.

The lowest fee did not produce greater scale

BWOW charged an annual sponsor fee of 0.34%, compared with 0.35% for GDOG and 0.50% for TDOG. Despite having the lowest fee among the three products, BWOW had the smallest assets and lowest daily turnover.

The difference between BWOW’s fee and GDOG’s amounted to one basis point, or $1 per year on a $10,000 investment. That annual saving offered limited compensation for BWOW’s much smaller asset base and thinner trading activity. When fee differences are this narrow, fund size and turnover can affect how easily shares are bought or sold, while the cost advantage accumulates gradually.

An August analysis by Coindoo also found that regulated Dogecoin products remained small compared with DOGE’s broader market value. BWOW’s planned closure provides a specific example of the pressure that limited demand can place on one of those products.

Assets fell 59% during the first half of 2026

BWOW’s net assets declined approximately 59% during the first half of 2026, falling from $1.15 million at the end of December to $473,547 on June 30, according to the fund’s second-quarter SEC filing.

Dogecoin’s reported reference price fell from approximately $0.1165 to $0.0722 during the same period. Investors redeemed 20,000 shares worth $406,971, reducing the number of outstanding shares from 60,000 to 40,000. No new shares were created during those six months.

BWOW therefore lost assets through both DOGE’s price decline and shareholder redemptions. Its assets later recovered to approximately $687,730 by September 10, but cumulative net flows remained negative.

Options for shareholders who continue to hold BWOW

Once Bitwise begins liquidating BWOW’s portfolio, the fund will no longer be managed according to its normal investment objective. Its performance may therefore diverge from Dogecoin’s price while the holdings are sold and prepared for cash distribution.

Shareholders can sell their shares before trading ends or remain invested through the liquidation process.

• Sell by October 14: Investors can dispose of their shares through the secondary market. The execution price may differ from the fund’s net asset value.
• Remain through liquidation: No action is required. Bitwise expects to calculate the value of the remaining shares on October 21 and distribute the proceeds in cash on October 22.

Shareholders who remain through the liquidation will receive cash in their brokerage accounts, not Dogecoin. The fund’s Form 8-K warns that the cash distribution may create a taxable event. The consequences will depend on each investor’s circumstances, account type and tax jurisdiction.

Implications for other Dogecoin funds

Closing BWOW will not affect the Dogecoin network or eliminate regulated DOGE exposure from US brokerage accounts. Other listed products remain available.

The liquidation demonstrates that regulatory approval does not ensure sufficient demand for every single-asset crypto fund. For investors comparing smaller products, fund size, daily turnover, potential trading spreads and redemption procedures may be more significant than a one-basis-point fee difference.

BWOW’s experience supports a narrower conclusion than Bitwise’s announcement alone: its lowest fee provided little advantage when the fund was unable to attract substantial assets or consistent trading.

This article is provided for informational purposes only and does not constitute financial, investment or tax advice.