Bitwise Shuts Down Dogecoin ETF After Less Than One Year

Bitwise Asset Management has announced that it will be closing its Dogecoin ETF (BWOW) in mid-October 2026, less than a year after its launch. The move is seen as an early exit from the market, with trading volumes never reaching the levels expected.

The fund was launched on November 26, 2025, and had accumulated roughly $3 million in trading volume during its first week on the market. However, this initial burst of activity did not sustain itself, and the fund's trading volumes declined significantly in subsequent months.

Bitwise attributed the closure to a need to 'optimize' its product range, rather than citing weak trading volumes or assets under management as factors. This decision comes at a time when other crypto ETFs have been attracting significant investor attention and capital inflows, with some products raking in over $2 billion in cumulative trading volume since their debut.

Shareholders who hold BWOW through the liquidation may face taxable consequences depending on their account type, highlighting the importance of tax treatment for investors. The closure of the Bitwise Dogecoin ETF underscores a growing gap between crypto ETFs built around serious infrastructure narratives and those riding on cultural momentum alone.