Bitwise, a prominent asset manager, has announced the closure of its Dogecoin ETF due to lackluster investor interest compared to competing products in the market. The Bitwise Dogecoin ETF, known as BWOW, will cease trading on NYSE Arca on Oct. 14 and be liquidated the following week, less than a year after its launch.
The decision to liquidate the ETF is part of Bitwise’s strategy to optimize its product lineup in response to evolving investor needs. Share creation will halt before trading opens on Oct. 15, with remaining investors expected to receive cash based on the fund’s net asset value on Oct. 21, around Oct. 22.
Despite the closure of BWOW, the overall US Dogecoin ETF market has seen modest capital inflows. Data from SoSoValue shows that the category has attracted around $12 million in cumulative net inflows and manages approximately $11.83 million in assets. However, BWOW only accounts for about $700,000 of these assets and has experienced roughly $1.23 million in cumulative net outflows.
Dogecoin, the original memecoin and a proof-of-work payment network launched in 2013, is ranked as the 11th largest cryptocurrency by market capitalization, with a market value of approximately $13.07 billion according to CryptoSlate data.
The Bitwise DOGE ETF saw minimal investor activity, with the fund recording a non-zero daily net flow on only three trading days throughout its history. In comparison, Grayscale’s Dogecoin Trust ETF (GDOG) has attracted around $11.7 million in cumulative net inflows, while 21Shares’ TDOG has pulled in approximately $1.63 million, outperforming BWOW despite its lower fee structure.
Grayscale had a competitive advantage with its Dogecoin trust operating privately since January 2025, accumulating $2.09 million in assets before publicly trading. GDOG debuted on NYSE Arca on Nov. 24, ahead of BWOW’s launch, giving Grayscale an established investor base and a first-mover advantage.
Despite entering the market later than BWOW, 21Shares’ TDOG has managed to attract significant inflows and build a larger asset base, highlighting Bitwise’s struggle to compete in the Dogecoin ETF market. The closure of BWOW signifies Bitwise’s exit from a market where established incumbents and later entrants have garnered more investor capital.