Bitwise Investment Advisers is liquidating its Dogecoin ETF, ticker BWOW, less than a year after its debut on NYSE Arca. The fund, which launched on November 26, 2025, with an expense ratio of 0.34%, saw $3 million in trading volume on its first day but failed to maintain that level of interest.
By June 30, 2026, the fund held approximately 6.56 million DOGE tokens valued at $473,699. The net asset value per share dropped from $19.21 at the end of 2025 to $11.84 by mid-year, representing a negative return of 38.37% for the first half of 2026. Recently, assets under management fell below $1 million.
The company attributed the closure to low investor demand and a broader strategy to streamline its product lineup. Bitwise previously closed several option-income strategy ETFs in July 2026. The firm continues to manage other crypto-related products, including those linked to Bitcoin and Ether.
Trading for BWOW will cease on October 14, 2026, with final cash distributions scheduled for October 22. While BWOW is closing, competing Dogecoin ETFs from Grayscale, 21Shares, and REX-Osprey remain operational.
