BWOW Falls Short of Expectations Bitwise Investment Advisers is closing its spot Dogecoin ETF, ticker BWOW, about 10 months after the fund went live. The firm announced its decision to liquid
Bitwise Investment Advisers is closing its spot Dogecoin ETF, ticker BWOW, about 10 months after the fund went live. The firm announced its decision to liquidate and close the fund on September 10, 2026.
BWOW launched on November 26, 2025, carrying a 0.34% expense ratio, and that opening-day volume of $3 million suggested at least some appetite for regulated Dogecoin exposure. The interest did not last. The fund held just $722,000 and lost $1.2 million in net money since launch.Its August month-end data showed a cumulative NAV return of -45.37% since inception.
BWOW charged 0.34% a year, making it the cheapest of the three US spot Dogecoin funds. Being cheapest did not help. Rival funds fared comparatively better: Grayscale's GDOG collected $11.7 million over the same stretch, while the 21Shares fund, TDOG, took $1.63 million.
The last day of trading on the NYSE for BWOW is expected to be October 14. Shareholders may sell their shares in the secondary market until the close of trading on that date. On October 22, remaining shareholders will receive the net asset value of their shares as of October 21, distributed in cash.Shareholders do not need to take any action during this process.
Bitwise framed the closure as a portfolio decision rather than a retreat from digital assets. "Bitwise has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs," the firm said in a release.The firm had already closed several option-income strategy ETFs in July 2026, suggesting a broader cleanup of underperforming offerings rather than a sudden loss of faith in crypto products specifically.
The BWOW closure underscores a broader pattern forming across altcoin ETFs. The case shows regulatory approval and easy access do not guarantee demand, unlike Bitwise's Hyperliquid ETF, which has kept attracting buyers.The closure points to a widening split between altcoins that sustain institutional ETF flows and those whose popularity stays in crypto-native trading.
Sources:Bitwise Official Press Release via PR NewswireThe Block: Bitwise shuts down Dogecoin ETF less than a year after launchBeInCrypto: Bitwise Dogecoin ETF Shuts Down With $722,000 Left
