Bitwise Closes Underperforming Dogecoin ETF Amid Lack of Demand
Bitwise Investment Advisers has announced that it will close and liquidate its Bitwise Dogecoin ETF, trading under the ticker BWOW. The fund's last trading day is expected to be October 14, with trading stopping before the market opens on October 15.
The decision comes as the fund struggled to build scale, holding only $687,730 in net assets and experiencing cumulative outflows of approximately $1.23 million by September 10. BWOW's lower fee of 0.34% compared to its competitors was not enough to attract sustained demand, with only $5,920 worth of shares changing hands on that day.
The fund's closure highlights the challenges faced by regulated Dogecoin products in attracting assets and trading activity. Despite offering a lower fee, BWOW represented only about 6% of the combined assets held by its three competitors listed on SoSoValue's US Dogecoin ETF dashboard.