Bitwise to Liquidate Dogecoin ETF Following Low Investor Demand

Bitwise Investment Advisers has announced the liquidation of its Dogecoin ETF, known as BWOW, which traded on NYSE Arca. The fund will cease trading on October 14, 2026, with final cash distributions scheduled for October 22, 2026.

The decision follows a period of declining interest in the product. While the fund recorded $3 million in trading volume on its launch day of November 26, 2025, it failed to maintain that level of activity. By mid-2026, the fund held approximately 6.56 million DOGE tokens valued at roughly $473,699. The net asset value per share fell from $19.21 at the end of 2025 to $11.84 by mid-year, representing a negative total return of 38.37% for the first half of 2026.

Bitwise attributed the closure to poor investor uptake and a requirement to realign its product lineup. The firm previously closed several option-income strategy ETFs in July 2026, which the company indicated is part of a wider effort to remove underperforming offerings. Bitwise maintains that this move does not signal a retreat from digital assets, as it continues to manage products linked to Bitcoin and other crypto assets.

The market for Dogecoin ETFs remains active, with products from Grayscale, 21Shares, and REX-Osprey still operational. However, these funds currently attract significantly less capital than those tied to Bitcoin or Ether. Shareholders of BWOW are advised to consult tax professionals regarding the implications of the forced liquidation.