Bitwise CEO Hunter Horsley said the soon-to-close spot Dogecoin ETF, BWOW, shows a clear gap between ETF investors and users of crypto trading apps. BWOW listed on the New York Stock Exchange in November 2025 and will stop trading after Oct. 14. Assets were about $726,000 as of Oct. 7, with September volume around $51,500.

By contrast, the Bitwise Solana Staking ETF has about $1.3 billion in net assets. Horsley said investors are mainly betting that growth in tokenization, stablecoins and onchain finance benefits Solana. Bitwise is also focusing on AI: it launched its first spot NEAR ETF last week and has filed for an AI Cyber Defense ETF and an AI Bond ETF. He said AI agents are more likely to use onchain infrastructure such as smart contracts, and that for a five-year allocation he prefers index products such as BITW and BITQ.