Bitwise Liquidates Dogecoin Spot ETF BWOW After Just 11 Months

Bitwise, a U.S. crypto asset manager, is liquidating its dogecoin (DOGE) ETF BWOW after just 11 months of operation. The final trading day on NYSE Arca will be October 14th, and shareholders can sell their holdings in the market until then.

The decision to close BWOW was made by Bitwise as part of an effort to optimize its product lineup in response to changing investor demand. This move is seen as part of a broader trend in the ETF industry, where fund profitability and sustainability are major factors behind liquidations.

ETFs incur fixed costs such as regulatory reporting, compliance, exchange listing, marketing, and custody, making it difficult to cover expenses with fee income alone if assets under management do not grow sufficiently. The BWOW ETF saw active retail trading, but limited allocations from institutions like hedge funds and registered investment advisers.

Bitwise has continued to wind down underperforming products this year, including the Web3 ETF BWEB and the bitcoin-ethereum rotation strategy ETF BTOP in May.