Bitwise will close BWOW, its Dogecoin ETF launched at the end of November 2025. The fund only had around $688,000 in net assets as of September 9, according to data cited by Cointelegraph. Its last session on the NYSE Arca is scheduled for October 14, then investors still present will be reimbursed in cash around October 22. Less than eleven months will therefore have been enough to put an end to this crypto experiment.
In brief
- BWOW will cease trading on October 14 after less than a year of existence.
- The fund only held about $688,000 in net assets as of September 9.
- Accounts filed with the SEC show that interest had already declined sharply in the first half.
Crypto: BWOW never really found its audience
Bitwise launched BWOW on November 26, 2025 with a simple idea: to allow investors to obtain direct exposure to Dogecoin from a traditional securities account. At the time, the NYSE had just given the green light to Bitwise’s Dogecoin ETF.
The product charged 0.34% per year. Bitwise had even waived these fees for the first month for the first $500 million in assets. The manager then presented Dogecoin as an “icon of the crypto movement”, despite its memecoin origin and claimed lack of fundamental utility.
The startup had brought in around $3 million in volume in the first session. It didn’t last. The Block indicates that BWOW never regained this daily level.
Tremplin.io already noted in December the rapid drop in interest in Dogecoin ETFs. The total volume of DOGE products had then fallen to just $142,000 in one session, a far cry from their debut. BWOW continued to rate. Capital, much less.
The accounts filed with the SEC already recounted the decline
BWOW’s quarterly document provides a figure that the closure announcement does not directly show.
As of December 31, 2025, the fund had $1.15 million in net assets. As of June 30, 2026, only $473,547 remained. The drop reached around 59% in six months. The fund then held 6.56 million DOGE, valued at approximately $473,699. Their acquisition cost reached almost $1 million.
Other detail: no new shares have been created during the first six months of 2026. In contrast, 20,000 shares were repurchased, representing approximately $406,971 in redemption-related outflows. The decline in Dogecoin did the rest. The price used by the fund rose from $0.116546 at the end of December to $0.072199 at the end of June.
The story even begins with more money. At the time of launch, a subsidiary of Bitwise purchased the first 100,000 shares for $2.5 million, at $25 per unit. At the end of June, only 40,000 shares remained in circulation.
The fund then recovered slightly. BWOW’s official website showed $721,815 in assets as of September 8, with 50,000 shares outstanding. Cointelegraph then gives around $688,000 as of September 9. The two figures are dated on a different day and notably reflect variations in DOGE. Still less than a million. For a product listed on the NYSE Arca, the size remains tiny.
Bitwise is cleaning up its lineup, not its crypto business
Bitwise is not saying it is closing BWOW because it no longer believes in Dogecoin. In his press releasethe manager simply speaks of a desire to “optimize its range of products” according to the evolving needs of investors. The closure was decided on September 10.
The schedule is already set. October 14 will be the last day of trading. After the market closes, Bitwise will begin converting the DOGE held by the fund into cash. New share creations will stop before the October 15 opening.
Investors who hold BWOW until the end will not have to do anything. They will automatically receive in cash the net asset value of their shares calculated on October 21, with payment expected around October 22.
This closure is not the first at Bitwise in 2026. In May, the manager had already decided to liquidate two other ETFs, BWEB and BTOP, as part of an adjustment to its range.
The company remains very active in crypto. Its catalog always includes products related to Bitcoin, Ethereum, Solana, XRP, Chainlink and Avalanche, among others.
The Dogecoin case, however, remains telling. In 2025, the proliferation of altcoin ETF files had created a lot of expectations. The SEC had even postponed several decisions regarding Bitwise and other issuers before the arrival of the new listing rules. Approval finally came. Investors much less. BWOW will have successfully brought Dogecoin to the NYSE Arca. He simply will not have succeeded in attracting enough capital to stay.
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