Bitwise Asset Management, a leading crypto index fund provider, is set to close its Bitwise Dogecoin ETF (BWOW) less than a year after its launch. The company designated October 14 as the final trading day for BWOW on NYSE Arca, with liquidation proceeds scheduled for distribution to shareholders on October 22.
Bitwise announces Dogecoin ETF closure
On September 10, Bitwise revealed its decision to wind down the Dogecoin ETF and submitted an official notice to the U.S. Securities and Exchange Commission. The company indicated this move is part of an ongoing effort to refocus its suite of investment offerings to address evolving investor needs.
BWOW trading will officially cease prior to the market opening on October 15, and the creation of new shares will stop at the same time. However, existing shares can be traded until the market closes on October 14.
Bitwise will convert the ETF’s holdings to cash and has coordinated BWOW’s delisting from NYSE Arca. Shareholders who remain in the fund at the time of liquidation will automatically receive a cash redemption, with payout amounts based on the net asset value (NAV) calculated as of October 21. These funds will be credited to shareholders’ brokerage cash balances.
Investors do not have to submit redemption requests to receive the proceeds; those who choose to sell their shares before the trading end will receive the market price at that time. The market price may differ from the final liquidation value, as pricing variances can occur between market price and official NAV.
Bitwise emphasized that during the liquidation process, the BWOW portfolio will no longer aim to meet its prior investment objective, and all trading and redemption activities will follow a prearranged schedule.
Fund performance and investor implications
The Dogecoin ETF began trading on November 26, 2025, allowing investors to gain exposure to Dogecoin through traditional brokerage accounts. The fund did not require holders to manage crypto wallets or private keys. It imposed a 0.34% management fee, waived for the first month on assets up to $500 million.
On September 8, BWOW’s share price stood at $14.25, with its net asset value at $14.44, reflecting a modest gap due to market liquidity. Tax guidance from the SEC filing indicates that receiving cash distributions from the fund’s liquidation is considered a taxable event, and shareholders are advised to consult their tax professionals for specific implications.
According to Bitwise, the ETF experienced a 45.37% net asset value decline since inception, and its market price decreased by 45.92% after deducting expenses, based on figures available through August 30. Net assets amounted to $687,713 as of September 9, and the fund held 8.2 million DOGE coins at that time. These data do not reflect net flows, which represent the actual movement of investor capital into or out of the fund.
| Date | Net Asset Value | Market Price | Net Assets | DOGE Held | % Decline Since Launch |
|---|---|---|---|---|---|
| Sep 8, 2026 | $14.44 | $14.25 | $687,713 | 8.2 million | 45.37% (NAV), 45.92% (Market Price) |
Bitwise did not directly attribute the ETF closure to assets, trading volumes, or management fees. However, the company stated that declining fund value was a factor behind the decision. DOGE price fluctuations also contributed to the risk profile of the ETF.
Market impact and company outlook
Dogecoin’s spot price was recorded at $0.08409 on September 11, down roughly 2% in 24 hours after the closure announcement, per data from CoinGecko. Nevertheless, price changes alone may not fully explain the impact of the ETF shutdown on Dogecoin’s value.
The fund exclusively invested in Dogecoin, intensifying the effect of market moves on shareholders and increasing the likelihood of disparities between share price and underlying asset value. Thin liquidity may also limit investors’ ability to execute trades close to NAV during periods of high volatility.
Bitwise continues to offer a comprehensive suite of cryptocurrency financial products. As of the latest disclosures, the company manages $9 billion in client assets across more than 70 offerings. These include ETFs, private funds, managed accounts, hedge funds, and staking solutions.
Bitwise’s lineup features products linked to assets such as Bitcoin, Ether, Solana, XRP, Chainlink, Avalanche, and Hyperliquid. The firm serves over 5,500 wealth teams, financial advisers, family offices, and institutional investors worldwide.
Mini dictionary: Bitwise Asset Management is a U.S.-based investment firm specializing in cryptocurrency index funds and exchange-traded products. NYSE Arca is an electronic securities exchange operated by the New York Stock Exchange, known for listing exchange-traded funds and structured financial products.
