Bitwise to Liquidate Dogecoin ETF BWOW Less Than a Year After Launch

Bitwise Investment Advisers will shut down and liquidate its Dogecoin exchange-traded fund, BWOW, less than a year after the product began trading on NYSE Arca. The ETF is scheduled to stop trading on October 14, 2026. Final cash distributions are expected to be paid into shareholder accounts on October 22. BWOW launched on November 26, 2025 with a 0.34% expense ratio. The debut generated about $3 million in trading volume, but activity failed to regain that level. By June 30, 2026, the fund held roughly 6.56 million DOGE tokens valued at approximately $473,699. Net asset value per share declined from $19.21 at the end of 2025 to $11.84 at midyear, producing a total return of -38.37% for the first half of 2026. In subsequent months, assets under management fell further, dropping below $1 million. Bitwise said the decision reflects limited investor demand and an effort to realign its ETF lineup. The move follows the firm's July 2026 closures of several option-income strategy ETFs, pointing to a broader rationalization of underperforming products rather than a pullback from crypto exposure. Bitwise continues to run funds linked to Bitcoin and other established digital assets. BWOW's closure comes as Dogecoin ETFs compete for a relatively small slice of investor capital compared with Bitcoin or Ether products. Other Dogecoin ETFs still trading include Grayscale's GDOG, 21Shares' TDOG, and REXOsprey's DOJE. Investors who still hold BWOW shares face a defined timeline: trading ends October 14 and cash proceeds are expected October 22. Shareholders may want to consult tax advisors regarding the implications of the forced sale, particularly in light of the fund's steep losses.