Bitwise Axes Dogecoin ETF Amid Poor Investor Uptake
Bitwise Investment Advisers is closing its Dogecoin ETF, BWOW, just under a year after it launched on NYSE Arca. The fund's assets under management have shrunk to below $1 million. It never came close to its initial trading volume of $3 million.
The decision to liquidate the fund is due to poor investor uptake and a need for Bitwise to realign its product lineup. This move comes as part of a broader cleanup of underperforming offerings, not a retreat from digital assets. The firm continues to operate products tied to Bitcoin and other established crypto assets.
The closure of BWOW will take effect on October 14, with final cash distributions arriving in shareholder accounts by October 22. Shareholders are advised to consult their tax advisors regarding the implications of the forced sale, particularly given the fund's steep losses.