Bitwise to Liquidate Dogecoin ETF Less Than a Year After Launch
Key Takeaways
- •Bitwise announced the liquidation of its Dogecoin ETF, BWOW, which is expected to have its final trading day on NYSE Arca on October 14.
- •The fund held approximately $722,000 in net assets as of September 8 and about 8.2 million DOGE worth roughly $688,000.
- •Remaining shareholders will receive cash distributions based on the fund's net asset value as of October 21, 2026, with payouts beginning October 22, 2026, and no shareholder action required.
- •Bitwise said the closure was part of optimizing its product range to meet evolving investor needs and did not identify the fund's asset level as a reason.
- •BWOW began trading on November 26, 2025, during a wave of crypto ETFs expanding beyond Bitcoin and Ethereum, with Grayscale launching its own Dogecoin ETF days earlier.
Crypto asset manager Bitwise is liquidating its Dogecoin exchange-traded fund, BWOW, less than a year after the product began trading in November 2025.
The fund held about $722,000 in net assets as of September 8. Bitwise announced on Thursday that it would wind down BWOW, with October 14 expected to be its final trading day on NYSE Arca.
In its announcement, Bitwise said the remaining shareholders would receive cash based on the fund’s net asset value as of October 21, 2026.
“On Thursday, October 22, 2026, the remaining shareholders will receive the net asset value of their shares as of October 21, 2026, distributed in cash,” Bitwise wrote. “Shareholders do not need to take any action during this process.”
The company said the decision was part of efforts to “optimize its product range to meet evolving investor needs.” It did not identify the fund’s asset level as a reason for the closure.
An exchange-traded fund, or ETF, allows investors to buy and sell shares on a stock exchange to gain exposure to assets such as stocks, bonds, or cryptocurrencies without owning those assets directly. In a liquidation, the fund stops operating and distributes its remaining value to shareholders in cash, as Bitwise said it plans to do with BWOW.
According to the BWOW fund website, the ETF currently holds about 8.2 million DOGE, worth roughly $688,000. The difference between that figure and the approximately $722,000 in net assets reflects the fund’s reported holdings and overall asset value.
BWOW began trading on November 26, 2025, giving investors exposure to Dogecoin through brokerage accounts without requiring them to purchase and store the cryptocurrency themselves. Its planned liquidation will take place just under 11 months after its launch.
Bitwise began pursuing the product in early 2025, registering a Dogecoin ETF entity in Delaware that January. In November, the company removed a delaying amendment from its SEC registration statement, allowing the filing to become effective after 20 days unless the agency intervened.
The fund launched during a broader wave of crypto investment products as issuers expanded beyond Bitcoin and Ethereum into funds tracking other tokens. Other firms that launched Dogecoin products included Grayscale, which introduced its Dogecoin and XRP ETFs days earlier.
When BWOW launched in November 2025, Bitwise CEO Hunter Horsley cited Dogecoin’s staying power and the demand among its holders 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 at the time.
