Bitwise Closes Dogecoin ETF Amid Lackluster Investor Interest

Bitwise Asset Management is closing its Dogecoin ETF, BWOW, after less than 11 months of trading on NYSE Arca. The fund will stop trading on October 14 and be liquidated a week later.

The decision to close BWOW comes as investors largely bypassed the fund in favor of competing products. Despite offering a slightly lower expense ratio of 0.34%, Bitwise's Dogecoin ETF failed to attract significant capital, with only $700,000 in assets under management compared to around $12 million in the broader US Dogecoin ETF market.

Grayscale's Dogecoin Trust ETF, GDOG, has attracted roughly $11.7 million of cumulative net inflows since its launch, while 21Shares' TDOG has pulled in about $1.63 million. Bitwise's fees offer little explanation for BWOW's weaker showing, as the fund charges a lower expense ratio than both Grayscale and 21Shares.