Bitwise is liquidating its spot Dogecoin exchange-traded fund just ten months after launch, signaling an abrupt conclusion to the vehicle due to tepid investor demand.
The BWOW fund is scheduled for its final New York Stock Exchange trading session on October 14. Shareholders can sell their holdings on the secondary market until the close of trading that day.
Remaining shares will be liquidated for cash on October 22, with payouts based on the October 21 net asset value. No further action is required from current investors.
Low Investor Interest Forces BWOW Closure
Dogecoin ETFs have generated significantly less trading volume compared to other altcoin funds. Their cumulative volume hovers around $300 million, whereas Hyperliquid products reached $2.1 billion, Zcash hit $1.5 billion, and Chainlink achieved $680 million.
Net capital flows have also been minimal. Data from SoSoValue indicates that Dogecoin ETFs absorbed roughly $318,000 last month, a marginal inflow that reversed the slight net outflows observed in July.
During its debut week, BWOW recorded its highest daily trading volume at approximately $3 million.
The broader category emerged in September 2025, when the first Dogecoin ETF launched amid significant anticipation surrounding spot-based cryptocurrency funds.
Bitwise stated that the liquidation of BWOW is part of its ongoing effort to refine its product offerings in response to shifting investor preferences.
Dogecoin Falls Out of the Top 10 Cryptocurrencies
This decision coincides with Dogecoin’s declining position in the broader cryptocurrency market.
At the time of writing, DOGE was trading at approximately $0.084, giving it a market capitalization of around $13 billion. Over the past year, the token has dropped out of the top ten largest cryptocurrencies, overshadowed by the surge of HYPE and ZEC.
Despite the fund’s closure, Bitwise executives have historically expressed positive sentiments regarding Dogecoin’s longevity.
Bitwise CEO Hunter Horsley previously characterized Dogecoin as an asset that originated as a meme before becoming a symbol of the crypto movement. He noted that DOGE does not assert itself as a transformative force for global capital markets nor does it offer traditional fundamentals or utility.
However, Horsley emphasized that despite these unique traits, Dogecoin has sustained its relevance and value longer than almost any other cryptocurrency.