Bitwise Axes Lowest-Fee Dogecoin ETF Amid Rival Success

Bitwise Asset Management has announced it will close its Dogecoin ETF, the Bitwise Dogecoin ETF (BWOW), citing a need to optimize its product lineup as investor needs evolve. The fund, which launched less than 11 months ago, will stop trading on NYSE Arca on October 14 and be liquidated the following week.

The closure comes despite BWOW being the lowest-fee Dogecoin ETF in the market, with an expense ratio of 0.34%. However, the fund has struggled to attract investor capital, recording only $700,000 in assets and roughly $1.23 million in cumulative net outflows.

In contrast, Grayscale's Dogecoin Trust ETF (GDOG) has attracted nearly $12 million in cumulative net inflows, while 21Shares' TDOG has pulled in over $1.63 million. The Bitwise fund's closure leaves it exiting a market where an established incumbent and a later entrant have both attracted more investor capital.