Bitwise to Liquidate Dogecoin ETF BWOW After Failing to Attract Lasting Investor Demand

Bitwise will wind down and liquidate its spot Dogecoin exchange-traded fund, BWOW, less than a year after its debut, citing a lack of sustained investor demand. The ETF, launched Nov. 25, 2025, held about $688,000 in net assets as of Sept. 9. BWOW is expected to see its final trading day on NYSE Arca on Oct. 14. Bitwise plans to begin liquidating the fund's Dogecoin holdings after trading ends, giving shareholders the ability to exit in the market through that date. The firm will halt new share creation before the market opens Oct. 15. Investors who continue to hold shares after trading stops are slated to receive cash based on the fund's net asset value calculated on Oct. 21, with payments expected on or around Oct. 22 via brokers and other intermediaries. BWOW briefly posted about $3 million in daily trading volume at launch, but activity failed to return to those levels. Across the broader category, spot Dogecoin ETFs have generated roughly $300 million in cumulative trading volume, trailing Hyperliquid products at $2.1 billion, Zcash at $1.5 billion, and Chainlink at $680 million. Spot DOGE ETFs took in about $318,000 of net inflows last month, reversing modest July outflows but not materially shifting the overall demand picture. The first Dogecoin ETF arrived in September 2025, raising expectations for the category, but follow-through has remained limited. Dogecoin was recently trading near $0.084, with a market capitalization of about $13 billion, after slipping out of the top 10 cryptocurrencies over the past year as HYPE and ZEC gained ground. Bitwise said the BWOW closure is part of an effort to optimize its product lineup, underscoring how quickly memecoin ETF enthusiasm can fade when capital and liquidity fail to materialize.