Bitwise to Liquidate Dogecoin (DOGE) ETF BWOW With Just $722,000 in Assets

Bitwise Pulls the Plug on BWOW

Bitwise Asset Management is liquidating its spot what Dogecoin is exchange-traded fund, the NYSE-listed BWOW, less than ten months after the product first came to market. Trading in the fund's shares ends on October 14, and investors still holding at that point receive a cash payout on October 22, valued at the fund's net asset value from the preceding day — no shareholder action is required. The issuer's own liquidation announcement frames the move as routine housekeeping, stating that Bitwise chose to wind down the vehicle as it refines its product lineup around evolving investor demand. BWOW opened on November 25, 2025, charging an annual fee of just 0.34%, which made it the cheapest of the three spot memecoin funds listed in the United States. Low cost did not translate into demand. The vehicle closed last week holding only $721,820 in assets, and flow data from SoSoValue puts its lifetime net flows at negative $1.23 million, meaning more capital walked out of the fund than ever entered it. For readers weighing exposure to the underlying asset itself rather than a wrapper, our guide to how to buy Dogecoin (DOGE) covers the spot market mechanics step by step.

Two Rival DOGE Funds Remain

The shutdown leaves two rivals fighting over a category that barely reached eight figures. Grayscale's GDOG pulled in $11.7 million over the same window, while 21Shares' TDOG collected $1.63 million, for a combined three-fund total of roughly $12.3 million — BWOW's $721,820 stake amounts to about 6% of the entire category. Soft appetite was visible from day one: the launch drew under $2 million in aggregate commitments within 48 hours, and Grayscale's first trading session also missed the targets analysts had projected. BWOW's secondary market was equally thin, turning over roughly $5,670 worth of shares on September 9, with the fund closing 1.24% below the value of the tokens backing it that day — a discount that light volume could stretch further before delisting. The underlying altcoin has not helped sentiment: the token changed hands near $0.0842 as of September 9, down about 2.9% over 24 hours with a market capitalization near $13.1 billion, a slide that left the fund down 45.37% from launch through August 30 by Bitwise's own accounting. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

Category Survival Is the Real Question

Our reading of the flow record is that this is a demand failure, not a product defect: the fee was the lowest in class, yet not a single day produced sustained net inflows, which is exactly what the issuer's official release quietly concedes while citing a narrower product range. With roughly $12 million spread across the two survivors, the question is whether that asset base justifies their operating costs through the next drawdown. DOGE slipped another 3.1% over the past 24 hours, deepening the pressure. Traders tracking downside structure can compare our earlier note on a 35 billion DOGE support zone beneath spot, and the recent session marked by a 2,691% liquidation imbalance. Broader context for the asset lives in our Dogecoin news hub. If neither GDOG nor TDOG reaches escape velocity before fee drag compounds, Bitwise's exit may prove a first withdrawal rather than a lone one.