Bitwise Abandons Dogecoin ETF Amid Weak Institutional Demand
Bitwise Asset Management announced it will shut down its Dogecoin ETF (BWOW) after just 10 months of operation, citing weak institutional demand for DOGE. The fund launched in November 2025 with $3 million in first-day trading volume but failed to sustain interest, with net assets dwindling to $721,815 as of September 8.
The decision highlights the gap between Dogecoin's mainstream recognition and its appeal to institutional investors. Despite being one of the most well-known crypto assets, DOGE-linked products have struggled to attract significant trading activity, generating only around $300 million in total volume compared to newer altcoin products like Zcash and Hyperliquid.
The closure of BWOW does not signal the end of Dogecoin ETFs, as other issuers continue to operate similar products. However, it underscores the challenges faced by memecoin-based funds in attracting meaningful institutional allocation.