Bitwise Closes Dogecoin ETF After Holding Less Than $1 Million

Bitwise is winding down its spot Dogecoin exchange‑traded fund (ticker BWOW) less than ten months after the product launched. The fund’s assets fell to $721,820, roughly 6 % of the total $12.3 million spread across the three U.S. spot Dogecoin ETFs, prompting the sponsor to liquidate.

Fund timeline and fees

BWOW opened on 25 November 2025 with an expense ratio of 0.34 % per year, making it the lowest‑cost option among the three U.S. spot Dogecoin ETFs. Despite the low fee, investor interest was weak.

Flow performance

• Lifetime net flows: –$1.23 million (more money left than entered).
• Final cash position: $721,820.
• Trading volume on 9 September was about $5,670.
• Competing funds: Grayscale’s GDOG accumulated $11.7 million; 21Shares’ TDOG attracted $1.63 million over the same period.

Liquidation process

Trading of BWOW will cease on 14 October. Holders who retain shares through that date will automatically receive a cash distribution on 22 October, calculated using the fund’s net asset value the day before the close. No action is required from investors.

Market context

Dogecoin (DOGE) itself trades around $0.0842, down 2.9 % in the prior 24 hours, with a market cap of roughly $13.1 billion. The fund’s value declined 45.37 % from launch through 30 August, reflecting both the cryptocurrency’s price movement and the thin trading environment for the ETF.

Outlook for remaining Dogecoin ETFs

Two spot Dogecoin ETFs remain listed, indicating that the closure reflects Bitwise’s product decision rather than a broader collapse of the niche. The sustainability of the remaining funds will depend on whether the $12 million total asset base can support ongoing operations.