Bitwise to Liquidate Dogecoin Spot ETF BWOW After 10 Months; Fund Holds About $722K

Bitwise is set to wind down and liquidate its spot Dogecoin ETF, BWOW, less than 10 months after the product launched, citing a lack of investor demand. Trading in BWOW is scheduled to end on Oct. 14. Investors who continue to hold shares through the closure will receive a cash distribution on Oct. 22, calculated using the fund's net asset value as of the prior business day. No action is required from shareholders. BWOW debuted on Nov. 25, 2025, with a 0.34% annual fee, making it the lowest-cost option among the three U.S.-listed spot Dogecoin funds. Cost leadership did not translate into asset growth. As of last week, the fund held $721,820, about 6% of the roughly $12.3 million held across all three products. According to SoSoValue, BWOW's lifetime net flows totaled -$1.23 million, indicating more capital exited than entered over its life. Over the same period, Grayscale's GDOG attracted $11.7 million, while 21Shares' TDOG brought in $1.63 million. Liquidity also remained thin. BWOW saw about $5,670 in share turnover on Sept. 9. BeInCrypto had flagged early traction concerns during the launch week, reporting that the category's debut drew less than $2 million in its first 48 hours and that Grayscale's first day fell short of analyst expectations. In its notice, Bitwise said it is narrowing its lineup as it "continues to optimize its product range to meet evolving investor needs." The flow figures suggest the ETF failed to gain a sustained investor base. Until the final trading date, BWOW shares may trade at a premium or discount to the value of the underlying DOGE held by the fund. On Sept. 9, the shares traded 1.24% below NAV, and limited volume can widen such gaps. Dogecoin was recently around $0.0842, down 2.9% over 24 hours, with an estimated market capitalization of about $13.1 billion. Bitwise reports BWOW declined 45.37% from launch through Aug. 30. Two spot Dogecoin ETFs will remain listed after BWOW's closure, framing the move as a sponsor exit rather than a full category retreat. The next test will be whether the remaining roughly $12 million in category assets is sufficient to sustain the surviving products.