Bitwise Dogecoin ETF Liquidates With $722,000; Two Rivals Remain

Bitwise is liquidating its Dogecoin ETF, ticker BWOW, under a year after its debut. The fund attracted minimal assets, making the listing unsustainable.

Trading ends October 14, with cash distributions on October 22 based on net asset value the day prior. No action required from holders.

A Fund that Never Found Buyers

A spot Dogecoin ETF holds actual DOGE, providing exposure through a standard brokerage account.

BWOW launched November 25, 2025, with a 0.34% annual fee, the lowest among three US spot Dogecoin ETFs. Being the cheapest did not spur demand.

By last week, the fund held $721,820, about 6% of $12.3 million across all three funds. SoSoValue data shows lifetime net outflows of $1.23 million, meaning withdrawals exceeded investments.

Grayscale's GDOG raised $11.7 million in the same period, while 21Shares' TDOG raised $1.63 million. Only about $5,670 in BWOW shares traded on September 9.

BeInCrypto flagged the issue in the first week, reporting that the Dogecoin ETF debut drew under $2 million in 48 hours and that Grayscale's first day missed analyst targets.

Bitwise says it is narrowing its product lineup to match changing investor demands, while market activity shows almost no interest.

“Bitwise has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs,” the announcement stated.

What Holders Should Watch

Until October 14, BWOW shares may trade at a premium or discount relative to the value of Dogecoin. On September 9, the discount was 1.24%, and low volume could increase that spread.

Dogecoin is trading around $0.0842, down 2.9% over the past day, with a total market value of about $13.1 billion. That decline contributed to a 45.37% loss for the fund from its launch to August 30, per Bitwise's own figures.

Two Dogecoin ETFs remain on the market, so this represents a single issuer's exit rather than the end of the category. The next question is whether $12 million is enough to sustain the surviving funds.