Bitwise Shuts Down Dogecoin ETF Amid Weak Institutional Demand

Bitwise Asset Management has announced it will shut down its Dogecoin ETF (BWOW) just ten months after its launch, a move that highlights the weak institutional demand for DOGE despite its mainstream recognition.

The fund's final trading day on NYSE Arca is expected to be October 14, with remaining shareholders receiving cash around October 22. At inception in November last year, the fund started with roughly $3 million of first-day trading volume but failed to build sustained demand afterward.

As of September 8, Bitwise reported that BWOW held just $721,815 in net assets. Its NAV had fallen about 45% since inception through the end of August. This weakness reinforces the broader problem facing memecoin ETFs: name recognition has not translated into meaningful institutional allocation.

Across U.S. Dogecoin ETFs, August generated only around $318,000 of net inflows, while newer altcoin products attracted far more trading activity. The contrast with other altcoins is sharp, as Dogecoin ETFs have generated roughly $300 million in total trading volume compared to about $1.5 billion for Zcash products and $2.1 billion for Hyperliquid-linked products.