Bitwise to Liquidate Dogecoin ETF BWOW After Less Than One Year

Bitwise Investment Advisers has announced the liquidation of its Dogecoin exchange-traded fund (ETF), BWOW, less than a year after its launch on NYSE Arca. The fund, which debuted on November 26, 2025, struggled to attract investors and will cease trading on October 14, 2026, with final cash distributions to shareholders scheduled for October 22.

Initially, BWOW opened with a trading volume of $3 million but failed to maintain that momentum, with assets dwindling to below $1 million by mid-2026. The fund's net asset value (NAV) per share fell significantly from $19.21 at launch to $11.84 by June 30, 2026, reflecting a total return of negative 38.37% during the first half of the year.

Bitwise cited poor investor uptake and a need to realign its product offerings as reasons for the closure. The firm had previously shut down several underperforming ETFs in July 2026, indicating a broader strategy to streamline its portfolio rather than a retreat from the cryptocurrency market.

Despite BWOW's closure, other Dogecoin ETFs, including Grayscale’s GDOG and 21Shares’ TDOG, remain operational, although collectively they attract significantly less capital compared to Bitcoin and Ether funds. Shareholders of BWOW are advised to consult tax advisors regarding the implications of the forced liquidation.