Bitwise has announced plans to liquidate its Bitwise DogeCoin exchange-traded fund (BWOW) less than a year after its launch, after the product attracted only about $688,000 in assets. The decision highlights the difficulty of sustaining demand for single-asset crypto ETFs beyond Bitcoin and the largest altcoins.

The Bitwise Dogecoin ETF, which launched in November 2025, will stop trading on NYSE Arca in October 2026. The fund is expected to convert its remaining DogeCoin holdings into cash and distribute the proceeds to shareholders.

Bitwise said it was closing BWOW to “optimize its product range to meet evolving investor needs.” The company did not identify weak demand as the reason for the closure. However, the fund had approximately $688,000 in net assets as of September 9, 2026, indicating limited investor uptake.

The closure also underscores the challenges facing the growing number of crypto ETFs focused on individual altcoins and memecoins. DogeCoin was among the first assets beyond Bitcoin and Ether to receive U.S. ETF products, but early trading data showed considerably weaker demand than for some other crypto ETFs.

Grayscale’s spot Dogecoin ETF, for example, recorded $1.4 million in trading volume on its debut, below an analyst expectation of $12 million.

Bitwise’s decision suggests that regulatory approval alone may not be enough to create a viable ETF market for every cryptocurrency. Funds require sufficient assets, trading activity, and investor demand to justify their operating costs and continued listing.

The liquidation is expected to be completed within a year of BWOW’s launch, making it an early test of which crypto assets can sustain institutional investment products after the initial launch wave fades. Investors and issuers will also be watching the fund’s October 2026 trading halt and the subsequent conversion of its remaining holdings into cash, which will clarify how the closure is carried out for shareholders.

Source: BitcoinKE.