Bitwise is shutting down its Dogecoin exchange-traded fund, BWOW, less than 10 months after launching it. The fund drew so little money that keeping it listed stopped making sense.
Trading ends on October 14, and investors who hold on get paid in cash on October 22, based on the fund’s value the day before. They need to do nothing.
A Fund that Never Found Buyers
A spot Dogecoin ETF holds real Dogecoin (DOGE), letting people own the meme coin through an ordinary brokerage account.
BWOW opened on November 25, 2025, and charged 0.34% a year. That made it the cheapest of the three US spot Dogecoin funds. Being cheapest did not help.
It closed last week holding $721,820, roughly 6% of the $12.3 million spread across all three funds. Data from SoSoValue puts its lifetime net flows at negative $1.23 million, meaning more money walked out than ever came in.
Grayscale’s GDOG collected $11.7 million over the same stretch. The 21Shares fund, TDOG, took $1.63 million. BWOW traded about $5,670 worth of shares on September 9.
BeInCrypto flagged the problem in launch 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 trimming its range to suit changing investor needs. The flow data says nobody showed up.
“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 can trade above or below the value of the Dogecoin behind them. They sat 1.24% below it on September 9, and thin volume can stretch that gap.
Dogecoin, the meme coin the fund tracks, trades near $0.0842, down 2.9% in 24 hours, worth about $13.1 billion in total. That slide is why the fund lost 45.37% from launch through August 30, by Bitwise’s own reckoning.
Two Dogecoin funds remain listed, so this is one sponsor quitting rather than the category dying. Whether $12 million is enough to keep the survivors alive is the next question.
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