Bitwise to Liquidate Low-Fee Dogecoin ETF BWOW

Bitwise will close and liquidate its low-fee Dogecoin exchange-traded fund BWOW after the product attracted roughly $700,000 in assets and posted about $1.23 million of cumulative net outflows. The firm announced on Sept. 10 that BWOW will stop trading on NYSE Arca on Oct. 14 and be liquidated the following week. Share creation will cease before the market opens on Oct. 15. Remaining shareholders are expected to receive cash based on the fund’s net asset value as of Oct. 21, with distributions scheduled around Oct. 22. Bitwise described the closure as part of efforts to optimize its product lineup as investor demand changed.

Market data show the broader U.S. Dogecoin ETF category has recorded about $12 million of cumulative net inflows and manages roughly $11.83 million in assets. BWOW accounted for about $700,000 of that total and reported roughly $1.23 million in net outflows. Grayscale’s Dogecoin Trust ETF GDOG recorded approximately $11.7 million of cumulative net inflows, while 21Shares’ TDOG attracted about $1.63 million.

Fee levels did not explain BWOW’s weaker flows. Bitwise charged an expense ratio of 0.34 percent, compared with a 0.35 percent sponsor fee at Grayscale and a 0.50 percent management fee at 21Shares. BWOW recorded a non-zero daily net flow on only three trading days since launch. Data show large withdrawals of about $972,000 on Dec. 4, 2025, and $406,000 on Jan. 20, 2026, and the fund did not register an inflow until Aug. 24, 2026, when roughly $146,000 entered the product.

Grayscale entered the public Dogecoin ETF market with an existing investor base. Its Dogecoin trust had operated privately since January 2025 and held about $2.09 million by Oct. 31, 2025, before GDOG began public trading on Nov. 24, 2025, one day before BWOW’s debut. 21Shares launched TDOG on Jan. 22, 2026, and accumulated a larger asset base despite a later start.

Dogecoin is a proof-of-work cryptocurrency created in 2013 as a memecoin and ranks among the top dozen tokens by market capitalization, near $13.07 billion. Bitwise’s liquidation of BWOW ends its participation in the U.S. Dogecoin ETF group; remaining BWOW investors will receive cash after the fund is wound up.