Bitwise to Close Dogecoin ETF as Rivals Capture Majority of Capital

Bitwise announced that its Dogecoin exchange‑traded fund (ETF), ticker BWOW, will cease trading on NYSE Arca on October 14 and be liquidated the following week, less than 11 months after its launch.

Liquidation timeline

Share creation will stop before the market opens on October 15. Remaining investors are expected to receive cash based on the fund’s net asset value calculated on October 21, with distributions around October 22.

Market context

Data from SoSoValue show the U.S. Dogecoin ETF market holds roughly $11.83 million in assets, representing about $12 million of cumulative net inflows. BWOW accounts for only about $700,000 of those assets and has recorded approximately $1.23 million of cumulative net outflows.

Investor activity

BWOW saw a non‑zero daily net flow on just three trading days. An inflow of roughly $146,000 occurred on August 24, while earlier withdrawals of about $972,000 on December 4, 2025, and $406,000 on January 20, 2026, reduced its asset base.

Rival products

• Grayscale’s Dogecoin Trust ETF (GDOG) has attracted roughly $11.7 million of cumulative net inflows.
• 21Shares’ Dogecoin ETF (TDOG) has pulled in about $1.63 million of net inflows.

Both rivals maintain larger asset bases despite higher fees (GDOG’s sponsor fee 0.35%, TDOG’s management fee 0.50%).

Fee comparison

Bitwise’s expense ratio is 0.34%, marginally lower than Grayscale’s 0.35% and well below 21Shares’ 0.50%.

First‑mover advantage

Grayscale operated its Dogecoin trust privately since January 2025, holding about $2.09 million before its public listing on November 24, 2025—one day before BWOW’s launch—providing an early investor base.

Conclusion

The closure marks Bitwise’s exit from a niche market where both an established incumbent and a later entrant have secured substantially more capital.