Bitwise Axes Underperforming Dogecoin ETF Amid Investor Exodus

Bitwise, a well-known cryptocurrency and financial news provider, is shutting down its Dogecoin exchange-traded fund (ETF), BWOW. This decision comes less than 10 months after the fund's launch on November 25, 2025.

The fund, which tracked the price of DOGE, attracted an underwhelming $721,820 in investment, a mere 6% of the total $12.3 million spread across all three US spot Dogecoin funds.

Despite being the cheapest option with a management fee of 0.34%, BWOW's lifetime net flows stood at negative $1.23 million, indicating more money left than entered the fund.

The decision to liquidate BWOW is part of Bitwise's efforts to optimize its product range and meet evolving investor needs. Trading for the fund will cease on October 14, with investors who hold shares as of that date set to receive cash payments based on the fund's value the day before.