Bitwise Ditches Dogecoin ETF Amid Lackluster Investor Interest
Crypto asset manager Bitwise has announced that it will liquidate and close its spot Dogecoin (DOGE) exchange-traded fund, known as the Bitwise Dogecoin ETF (BWOW), less than a year after launch. The last day of trading on the NYSE for BWOW is expected to be October 14.
The move comes despite the fund recording about $318,000 in net inflows last month, according to SoSoValue. However, this was still a reversal of small outflows from July, suggesting that investor interest has been limited.
In a statement, Bitwise said that it had decided to liquidate the fund as part of its efforts to 'optimize its product range to meet evolving investor needs.' The company noted that BWOW topped out at around $3 million in daily trading volume the week of its launch, but has since struggled to gain traction.
Dogecoin's price currently trades around $0.084, giving the coin a market cap of approximately $13 billion.