Bitwise has decided to liquidate its Dogecoin ETF after roughly 10 months of trading, setting Oct. 14 as the expected final session for the NYSE Arca-listed fund.
Summary
- Bitwise will end BWOW trading on October 14, roughly ten months after the fund launched.
- Remaining shareholders will receive cash based on October 21 net asset value eight days later.
- New BWOW share creation will stop before NYSE Arca opens for trading on October 15.
- Dogecoin ETFs recorded $318,000 in August net inflows, according to figures published by SoSoValue online.
- DOGE traded near $0.084 on Friday after declining approximately 2.6% during the previous market session.
Bitwise’s Sept. 10 filing with the U.S. Securities and Exchange Commission said shares of the Bitwise Dogecoin ETF, trading under BWOW, will stop trading before the market opens on Oct. 15. Investors can sell their positions through the close of the previous session.
The asset manager said it chose to close the fund as it works to “optimize its product range to meet evolving investor needs.” Bitwise did not identify trading volume, assets under management or fund expenses as the reason for the closure.
BWOW began trading on Nov. 26, 2025, giving investors exposure to Dogecoin without requiring them to hold the token directly. Its scheduled closure comes less than one year after launch.
Bitwise Dogecoin ETF liquidation begins October 14
Bitwise expects to convert the Dogecoin held by BWOW into cash on Oct. 14. Creation of new shares will stop before NYSE Arca opens on Oct. 15, according to the SEC filing and the company’s official announcement.
Once secondary-market trading ends, remaining shareholders will not need to submit redemption requests. Bitwise plans to calculate the fund’s net asset value on Oct. 21 and distribute the corresponding cash proceeds on Oct. 22.
The SEC filing says the fund’s holdings should be fully liquidated by Oct. 22 or shortly afterward. During the liquidation period, BWOW will no longer manage its portfolio in line with its stated investment objective because its Dogecoin position will be sold.
Cash distributions will move automatically into shareholders’ brokerage accounts. Bitwise warned that the payments may create taxable events, with each investor’s liability depending on factors such as purchase price, holding period and account type. In related coverage, crypto.news explains the current U.S. taxation of crypto transactions, including how disposals can generate reportable gains or losses.
Bitwise said it has coordinated with NYSE Arca on the delisting. The fund’s share registration will be withdrawn after the liquidation process is completed.
Trading data showed limited demand for BWOW
BWOW generated close to $3 million in trading volume during its launch week, based on market data cited in reports covering the fund. Daily activity failed to return to that initial level during the following months.
Data published by SoSoValue showed that all U.S. Dogecoin exchange-traded products recorded roughly $318,000 in net inflows during August. The monthly result reversed modest outflows reported in July, but it remained small compared with the capital moving through established Bitcoin and Ether products.
Dogecoin funds generated approximately $300 million in total trading volume following their launches. Comparable products tied to Hyperliquid recorded $2.1 billion, while Zcash and Chainlink funds generated around $1.5 billion and $680 million, respectively.
The figures cover trading activity, not net investor deposits or assets held. Trading volume measures the value of shares exchanged during a period, while net flows measure money entering a fund after redemptions are deducted.
BWOW entered a U.S. market where updated exchange standards had shortened the listing process for qualifying crypto products. As crypto.news previously reported, the U.S. crypto ETF listing framework can reduce the exchange approval timeline to roughly 75 days for eligible products, though issuers must still complete the SEC registration process.
An easier listing path does not guarantee that a fund will attract enough assets or trading activity to remain commercially viable. Fund sponsors retain discretion to close products after weighing operating costs, investor use and their remaining product lineup.
Dogecoin exposure carries concentrated risks
BWOW is a nondiversified product holding a single crypto asset. Its prospectus warns that a decline in Dogecoin’s market value can affect the fund more sharply than a portfolio spread across several holdings.
Bitwise describes DOGE as a memecoin without a stated utility objective. The company’s risk disclosures say speculators represent a large portion of its users and warn that Dogecoin’s unlimited issuance model may weigh on its long-term price.
The prospectus identifies liquidity as another risk. Thin trading conditions may make it harder for investors to sell fund shares at their preferred price and can increase the gap between the share price and net asset value.
Custody, theft, blockchain failures and regulatory changes appear among the other listed risks. Bitwise said some technical or legal risks may not become apparent until blockchain systems receive more extensive use.
DOGE traded close to $0.084 on Sept. 11 after losing approximately 2.6% from the previous close. The price movement came after Bitwise announced the liquidation, though available market data did not establish that the fund closure caused the decline.
Bitwise retains multiple crypto investment products
Closing BWOW does not signal Bitwise’s departure from crypto exchange-traded products. The company reports approximately $9 billion in client assets across more than 70 offerings, including ETFs, private funds, separately managed accounts, hedge fund strategies and staking products.
Its lineup includes products tied to Bitcoin, Ether, Solana, XRP, Chainlink, Avalanche and Hyperliquid. Bitwise serves more than 5,500 private wealth teams, registered investment advisers, family offices and institutional investors, according to figures supplied by the company.
The Dogecoin ETF charged a 0.34% management fee when it launched. Bitwise initially waived the fee for a limited period, subject to conditions described in the fund’s launch materials.
Investors who sell BWOW before Oct. 14 will receive the market price available when their orders execute. Anyone holding shares through liquidation will receive cash based on the Oct. 21 net asset value, which may differ from BWOW’s earlier trading price.
Bitwise’s SEC filing states that the final distribution will constitute a taxable event for shareholders holding the fund in taxable accounts. The sponsor advised investors to consult their tax advisers about their individual circumstances.
