Bitwise has announced its decision to liquidate its Bitwise DogeCoin exchange-traded fund (BWOW) less than a year after launch and after the product attracted only about $688,000 in assets, highlighting the difficulty of sustaining demand for single-asset crypto ETFs beyond Bitcoin and the largest altcoins.

The Bitwise Dogecoin ETF (BWOW), launched in November 2025, will stop trading on NYSE Arca in October 2026 with the fund expected to convert its remaining DogeCoin holdings to cash and distribute the proceeds to shareholders.

 

Bitwise said it was closing the fund to ‘optimize its product range to meet evolving investor needs.’

 

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The company did not cite weak demand as the reason, but BWOW’s roughly $688,000 in net assets as of September 9 2026 points to limited investor uptake.

The closure also underscores the challenge facing the growing number of crypto ETFs targeting individual altcoins and memecoins. DogeCoin was among the first assets beyond Bitcoin and Ether to gain U.S. ETF products but early trading data showed demand was considerably weaker than for some other crypto ETFs. Grayscale’s spot Dogecoin ETF, for example, recorded $1.4 million in trading volume on its debut below an analyst expectation of $12 million.

Bitwise’s decision suggests that regulatory approval alone is not enough to create a viable ETF market for every cryptocurrency. Funds need sufficient

  • assets,

  • trading activity, and

  • investor demand

to justify their operating costs and continued listing.

 

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The liquidation is expected to be completed within a year of BWOW’s launch making it an early test of which crypto assets can sustain institutional investment products after the initial launch wave fades.

 

 

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