Bitwise announced on Sept. 10 that it will close its Dogecoin ETF, BWOW, effective Oct. 14, with liquidation to follow the next week. The fund will stop accepting new shares on Oct. 15, and remaining investors will receive cash distributions based on the Oct. 21 net asset value around Oct. 22.
The closure reflects weak investor demand for the product since its launch in November 2025. BWOW accounts for only about $700,000 of the roughly $11.83 million in assets across all U.S. Dogecoin ETFs and has recorded approximately $1.23 million in cumulative net outflows.
Investor activity in BWOW was minimal throughout its existence. The fund recorded non-zero daily net flows on only three trading days, with its first inflow of approximately $146,000 arriving on Aug. 24. Before that date, investors had withdrawn roughly $972,000 on Dec. 4, 2025, followed by another $406,000 on Jan. 20, 2026.
Competing products attracted substantially more capital over the same period. Grayscale's Dogecoin Trust ETF, GDOG, accumulated roughly $11.7 million in net inflows, while 21Shares' TDOG drew in about $1.63 million despite launching nearly two months after BWOW.
Fee differences do not explain Bitwise's weaker performance. Bitwise charged an expense ratio of 0.34%, below Grayscale's 0.35% sponsor fee and well below 21Shares' 0.50% management fee.
Grayscale's advantage partly stems from its head start. The Dogecoin Trust operated privately from January 2025 and held about $2.09 million in assets before its public debut on NYSE Arca on Nov. 24—one day before BWOW launched. This existing investor base gave Grayscale first-mover positioning in the public market.
Dogecoin, the original memecoin and proof-of-work payment network launched in 2013, ranks as the 11th-largest cryptocurrency by market capitalization, with a value of approximately $13.07 billion.
