Crypto: Bitwise liquidates its Dogecoin ETF (BWOW) less than a year after its launch

Bye bye Doge. Bitwise is closing its Dogecoin ETF, listed on the NYSE Arca under the symbol BWOW. The final trading session is scheduled for October 14, before a cash distribution to remaining holders around October 22. Launched on November 26, 2025, the product leaves the market after less than a year of existence.

Key Points

Bitwise delists its DOGE-backed index fund after less than a year of existence

Holders can sell their securities until October 14, then a cash reimbursement will take place on the 22

The fund's risk document describes DOGE as having no intrinsic value and unlimited supply

The American manager, with $9 billion in client assets, keeps its Bitcoin and Solana products

Dogecoin ETF: Bitwise organizes the closure of BWOW

In its liquidation press release, Bitwise explains that it wants to adapt its range to the needs of investors. However, the manager does not give a precise financial reason and does not explicitly attribute this closure to a lack of demand.

The product figures nevertheless show a modest size. As of October 7, BWOW had approximately $684,000 in net assets, according to its official website. This amount provides context for the decision, without alone establishing the reasons chosen by Bitwise.

For holders, two possibilities remain. They can sell their shares on the secondary market until the close of October 14. Then, trading and the creation of new shares will stop before the opening on October 15.

Investors who keep their securities do not need to take any action to participate in the liquidation. Their shares will be automatically redeemed in cash, based on the net asset value on October 21. The payment must arrive through their broker around October 22. This reimbursement depends on the final value of the fund: it obviously does not guarantee the recovery of the capital invested.

Dogecoin: A stock market exposure that retains the risks of memecoin

BWOW has been offering exposure to DOGE since November 26, 2025, without requiring investors to directly hold the tokens or manage a crypto portfolio. At its launch, Bitwise presented Dogecoin as “a lasting cultural phenomenon” and justified the product by the interest of its community for a listed envelope.

However, this envelope did not eliminate the risks of the underlying. Information released by Bitwise describes DOGE as “a memecoin that is not intended to provide any particular utility.” They also highlight its volatility and the potentially adverse effects of an offer without a maximum cap on its long-term value.

The launch was part of a regulatory context more favorable to listed crypto products. On September 17, 2025, the SEC approved rules allowing stock exchanges to list certain products meeting common criteria, without requiring a regulatory change specific to each fund.