Key Takeaways
- • The SEC has filed a Form 25 for the Bitwise Dogecoin ETF (ticker BWOW), the formal delisting step following Bitwise's decision to liquidate the fund less than a year after its November 26, 2025 launch.
- • Assets under management fell from $2.5 million in seed funding to approximately $725,870 as of October 7, 2026, with total net outflows exceeding $1.3 million since launch.
- • BWOW's final trading day on NYSE Arca is October 14, 2026, with cash distributions to remaining shareholders expected on or around October 22, 2026.
- • September 2026 trading volume totaled $51,480, against roughly $3 million in the fund's first week, while the 0.34% expense ratio generated minimal issuer revenue on a sub-$1 million fund.
- • Bitwise CEO Hunter Horsley attributed the weak demand to a mismatch between traditional ETF buyers and Dogecoin enthusiasts, contrasting it with stronger uptake of the firm's Solana staking ETF.
Summary
The U.S. Securities and Exchange Commission has filed a Form 25 for the Bitwise Dogecoin ETF, which trades under the ticker BWOW and references DOGE. The Form 25 is the paperwork used to remove a security from an exchange listing and follows Bitwise Investment Advisers' decision to shut the product down, as announced in an 8-K filing on September 10, 2026.
Bitwise launched the spot Dogecoin ETF on November 26, 2025, with $2.5 million in seed funding. Early interest was respectable, with trading volume reaching approximately $3 million in the first week. Demand faded thereafter. Assets under management fell to roughly $688,000 by early September 2026 and stood at $725,870 on October 7, 2026. Investors withdrew cash on a sustained basis, with total net outflows surpassing $1.3 million since launch. Trading volume for September 2026 came to $51,480. The fund charged a 0.34% expense ratio, which, on assets below $1 million, generated little revenue for the issuer.
The liquidation timeline calls for BWOW to cease trading on NYSE Arca after October 14, 2026, with remaining shareholders receiving cash distributions on or around October 22, 2026, rather than DOGE. At the time of the wind-down the fund held about 8.2 million DOGE, valued at under $700,000.
Bitwise CEO Hunter Horsley expressed disappointment with the product's performance. According to Horsley, buyers of traditional ETFs were hesitant to invest in Dogecoin, while committed Dogecoin enthusiasts are not necessarily the investors who use ETFs in brokerage accounts. Horsley said he personally holds DOGE, suggesting the closure reflects the suitability of a regulated fund wrapper rather than a judgment on the coin itself. By contrast, the firm has seen stronger demand for more established products, including its Solana staking ETF.
The case illustrates the economics of small single-asset crypto funds: seed capital can launch a product, but sustaining it requires follow-on demand sufficient to cover operating costs.
Bitwise launched the spot Dogecoin ETF on November 26, 2025, with $2.5 million in seed funding. Early interest was respectable, with trading volume reaching approximately $3 million in the first week. Demand faded thereafter. Assets under management fell to roughly $688,000 by early September 2026 and stood at $725,870 on October 7, 2026. Investors withdrew cash on a sustained basis, with total net outflows surpassing $1.3 million since launch. Trading volume for September 2026 came to $51,480. The fund charged a 0.34% expense ratio, which, on assets below $1 million, generated little revenue for the issuer.
The liquidation timeline calls for BWOW to cease trading on NYSE Arca after October 14, 2026, with remaining shareholders receiving cash distributions on or around October 22, 2026, rather than DOGE. At the time of the wind-down the fund held about 8.2 million DOGE, valued at under $700,000.
Bitwise CEO Hunter Horsley expressed disappointment with the product's performance. According to Horsley, buyers of traditional ETFs were hesitant to invest in Dogecoin, while committed Dogecoin enthusiasts are not necessarily the investors who use ETFs in brokerage accounts. Horsley said he personally holds DOGE, suggesting the closure reflects the suitability of a regulated fund wrapper rather than a judgment on the coin itself. By contrast, the firm has seen stronger demand for more established products, including its Solana staking ETF.
The case illustrates the economics of small single-asset crypto funds: seed capital can launch a product, but sustaining it requires follow-on demand sufficient to cover operating costs.
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