Bitwise shuts down Dogecoin ETF less than a year after launch

Bitwise has closed its Dogecoin ETF, ticker BWOW, less than a year after launch, per The Block. The fund launched in November 2025 but failed to attract sustained interest from investors, leading to the shutdown.

The ETF generated roughly $3 million in trading volume at launch but saw traffic decline significantly after its initial debut, according to The Block. The fund's inability to maintain momentum prompted Bitwise to wind down operations. No specific closure date was provided in available reports, though the company appears to have made the decision within nine months of launch.

Bitwise entered the Dogecoin ETF space as cryptocurrency markets saw renewed interest in spot ETFs following regulatory approvals for Bitcoin and Ether funds. The Dogecoin ETF represented the asset manager's bet that retail and institutional demand existed for meme-coin exposure through traditional financial vehicles. The product's early volume suggested initial curiosity, but sustained adoption failed to materialize.

The closure underscores the challenges facing niche cryptocurrency ETFs in maintaining investor interest beyond their launch window. While Bitcoin and Ether ETFs have attracted billions in assets, smaller altcoin products have struggled to reach scale. Bitwise's decision to shutter BWOW reflects the reality that not all crypto assets generate sufficient demand to sustain an exchange-traded fund over the long term.