Bitwise to Shut Down Dogecoin ETF Less Than a Year After Launch

Bitwise, a well-known asset manager in the crypto space, has announced that it will be liquidating its Dogecoin ETF (BWOW) less than a year after launching the product. The company cited the need to 'optimize its product range to meet evolving investor needs' as the reason for shutting down the fund.

The Bitwise Dogecoin ETF had approximately $688,000 in net assets as of September 9th. Trading is expected to end on October 14th, with cash payouts to follow around October 22nd. Shareholders will receive cash based on the net asset value of their shares on October 21st.

The fund's last day of trading on NYSE Arca is scheduled for October 14th. After that, Bitwise plans to convert its Dogecoin holdings to cash and stop creating new shares. This change will be implemented before the market opens on October 15th.