Crypto asset manager Bitwise announced it is shutting down its spot Dogecoin exchange-traded fund roughly 10 months after launch. The fund, trading under the ticker BWOW on NYSE Arca, will stop trading on October 14, marking the end of operations for the product.
Investors can sell their shares on the secondary market until the final trading day. Remaining shareholders will receive the net asset value of their shares as of October 21 in cash on October 22, with no action required from investors during the liquidation process. Bitwise has coordinated with NYSE to facilitate the delisting and liquidation.
Weak Market Demand
Bitwise cited the need to optimize its product range to meet changing investor needs. The decision comes as the spot Dogecoin ETF market has struggled to attract sustained investor interest since the first products launched in September 2025.
Data shows the market faces significant headwinds. Dogecoin ETFs posted approximately $318,000 in net inflows in August but reversed course dramatically in September, with more than $343,000 in outflows already recorded that month. The fund's lifetime net outflow stands at $1.23 million.
Prior Optimism
The shutdown contrasts with earlier enthusiasm for the product. In November 2025, Bitwise CEO Hunter Horsley stated that Dogecoin had maintained its relevance and value longer than most other cryptocurrencies, describing it as a 12-year-old coin based on community ideals and the principle that people should have freedom of choice in crypto.
