Bitwise is ending its spot Dogecoin exchange-traded product less than a year after it began trading, closing a short chapter in the first wave of US memecoin ETFs.
On September 10, 2026, Bitwise Investment Advisers said it would liquidate the Bitwise Dogecoin ETF, listed on NYSE Arca under the ticker BWOW.
The firm described the move as part of an effort to refine its lineup around shifting investor demand.
It did not single out assets, trading volume, or performance as the official cause.
The fund started trading in late November 2025, giving brokerage investors a way to gain Dogecoin exposure without holding the token themselves.
It carried a 0.34% expense ratio, among the lowest of the small group of U.S. spot Dogecoin products.
Opening-week activity suggested some initial interest, with reports of roughly $3 million in first-day volume.
That momentum faded quickly.By early September 2026 the product was a sliver of the market.
Holdings data showed about 8.2 million DOGE, valued near $690,000.
Net assets hovered around $690,000 to $722,000 depending on the day and the price of Dogecoin.
Lifetime net flows were reported as negative by more than $1 million.
Across all US Dogecoin ETFs, cumulative trading volume was far behind several other altcoin products, including funds tied to Hyperliquid, Zcash, and Chainlink.
Performance tracked the underlying token’s slide.
Cumulative NAV return from inception through late August 2026 was about minus 45%.
Mid-year filings already showed assets well below $500,000 after the first half of 2026.
The wind-down calendar is set. October 14 is expected to be the last trading day on NYSE Arca.
Investors can sell shares in the secondary market until that session closes.
Creation of new shares is slated to stop before the open on October 15.
The same day, the sponsor plans to convert the fund’s Dogecoin into cash. Remaining holders will receive a cash payout based on net asset value as of October 21, with distribution expected on or around October 22 through their brokers.
No action is required from shareholders who stay through liquidation.Bitwise said it has coordinated with the exchange to keep the delisting orderly.
The product is a commodity-based exchange-traded product rather than a 1940 Act fund, so it never carried the same regulatory wrapper as a traditional mutual fund or ETF.
The closure does not end regulated Dogecoin access.
Other US spot products, including offerings from Grayscale and 21Shares, remain listed and have gathered more assets than BWOW.
The episode does, however, underline a broader point for crypto product issuers: listing approval and a familiar brokerage wrapper do not automatically produce durable demand. Meme coins can generate headlines and first-day volume.
Sustained assets and secondary market activity are a different test.
For remaining BWOW holders, the path is straightforward: sell by October 14 or wait for the automatic cash distribution a week later. For the industry, the early shutdown of one of the cheapest Dogecoin ETFs is a reminder that product menus will keep shrinking as managers concentrate on vehicles that actually attract capital.
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