Bitwise Cuts Losses, Liquidates Dogecoin ETF After Weak Uptake
Bitwise has announced that it will liquidate its spot Dogecoin ETF (BWOW) on October 14, marking an early end to the fund after limited uptake.
The fund debuted roughly 10 months ago and has struggled to gain traction. Despite initial hype surrounding spot funds tied to cryptocurrencies, BWOW's strongest daily trading volume was only about $3 million during its launch week.
Bitwise cited a need to optimize its product lineup in response to evolving investor needs. The company will settle any remaining shares in cash on October 22, with the payout calculated using the fund's net asset value as of October 21.
Dogecoin (DOGE) has also lost ground in the broader crypto market, falling outside the top 10 largest cryptocurrencies over the past year. The token was priced at roughly $0.084 at the time of writing, corresponding to a market capitalization of about $13 billion.