Bitwise closes Dogecoin ETF after 10 months
Ecosystem ·
The fund, known as BWOW, is being wound down following weak investor demand.
Bitwise has shut down its Dogecoin ETF less than a year after launch, according to The Block. The fund, which traded under the ticker BWOW, is being closed after roughly 10 months on the market.
The primary reason cited for the shutdown is weak investor demand. The product reportedly saw only $3 million in trading volume on its debut, a figure that signaled limited early interest and appears to have foreshadowed the fund's broader struggles to attract assets over its lifespan.
Multiple accounts of the closure point to the same underlying issue: insufficient trading volume and interest from investors. Rather than continuing to operate a product that failed to gain traction, Bitwise opted to wind it down, a decision that four separate sources covering the story have corroborated.
The shutdown adds to a growing set of case studies on how meme-coin-linked ETFs perform once they reach the market. A Dogecoin-tied fund launching with only $3 million in debut volume, and failing to build meaningfully on that base over 10 months, suggests a gap between speculative retail interest in the underlying token and sustained appetite for a regulated, exchange-traded wrapper around it.
What remains unclear is how Bitwise plans to handle redemptions and the exact timeline for the fund's final closure, as well as whether the firm will adjust its broader approach to other niche or meme-asset-linked products in its lineup. Also unresolved is whether this closure will influence how other issuers evaluate demand before bringing similar single-asset crypto ETFs to market. Investors holding shares in the fund, along with market watchers assessing appetite for smaller altcoin ETFs more broadly, are likely to be watching for further details from Bitwise on next steps.