Bitwise is closing its spot Dogecoin ETF, known as BWOW, less than 10 months after its launch on November 25, 2025. The company cited the need to optimize its product range as the primary reason for the liquidation. Trading for the fund will officially cease on October 14, with cash payouts to remaining investors scheduled for October 22.
The fund struggled to attract capital, holding $721 820 at the time of closure. This represents approximately 6% of the $12,3 million total assets across all three US spot Dogecoin funds. According to SoSoValue, the fund recorded lifetime net outflows of $1,23 million, while competitors Grayscale and 21Shares managed to attract $11,7 million and $1,63 million respectively.
Despite having the lowest expense ratio among its peers at 0.34% per year, the fund failed to gain traction. On September 9, the fund saw a trading volume of approximately $5 670, with shares trading 1.24% below the value of the underlying assets. Bitwise reported that the fund lost 45.37% of its value from its inception through August 30, amid a broader decline in the price of Dogecoin.
While BWOW is shutting down, two other Dogecoin ETFs remain active in the market. The industry is now monitoring whether the remaining funds, which hold a combined $12 million in assets, will maintain their listings. The price of Dogecoin itself is currently trading near $0,0842, reflecting a total market capitalization of approximately $13,1 billion.
