Bitwise Asset Management announced that it will close its Dogecoin ETF, citing weak investor demand for the product. Trading of the Bitwise Dogecoin ETF (BWOW) will cease on October 14, and shareholders will receive cash distributions around October 22. The fund, which started trading on NYSE Arca in November 2025, held approximately $725,870 in assets as of October 7, with a recorded trading volume of about $51,480 in September.
Dogecoin ETF fails to draw fund investors
Hunter Horsley, CEO of Bitwise, described the ETF’s performance as disappointing, despite his own personal interest in Dogecoin. Horsley emphasized that although Dogecoin has developed a recognizable identity within the digital asset sector, this did not translate into significant demand among traditional ETF buyers.
Addressing the closure at the Digital Asset Summit 2026 Asia, Horsley stated that investor interest in Dogecoin differs between users of crypto trading apps and buyers of traditional exchange-traded funds. He rejected the suggestion that Bitwise targeted the wrong market, noting that the two groups have distinct preferences and behaviors.
Horsley pointed out that traditional ETF investors are fundamentally different from those who engage with cryptocurrencies directly through digital platforms, underscoring that reaching busy professional investors remains a challenge in driving broad adoption.
Strong demand for Solana and NEAR funds
While the Dogecoin ETF saw limited uptake, Bitwise’s other products experienced more robust interest. The Bitwise Solana Staking ETF (BSOL) currently manages about $1.3 billion in assets. According to Horsley, the success of the Solana fund stems from investor appetite for Solana exposure, driven not only by staking rewards but by the broader ecosystem involving stablecoins, tokenized assets, and on-chain services.
Bitwise also recently launched an ETF tied to NEAR Protocol, a blockchain focused on interoperability across different networks. The NEAR ETF attracted $58 million in inflows during its first week, suggesting stronger market appetite for newer blockchain projects that facilitate asset transfers between chains.
Mini dictionary: NEAR Protocol is a proof-of-stake, layer-1 blockchain known for emphasizing cross-chain compatibility, which allows users and dApps to transfer tokens and data between different blockchain networks efficiently.
| ETF Name | Asset Size | Launch Date |
|---|---|---|
| Dogecoin ETF (BWOW) | $725,870 | November 2025 |
| Solana Staking ETF (BSOL) | $1.3 billion | 2024 |
| NEAR ETF (NRR) | $58 million (first week) | September 2026 |
Investor interest in the Solana and NEAR funds far outpaced that of the Dogecoin ETF, reflecting broader confidence in projects with cross-chain services and rapidly expanding ecosystems.
Bitwise eyes AI investment products
Looking ahead, Bitwise is intensifying its focus on artificial intelligence investment products. In August, the firm filed for an AI Cyber Defense ETF, and in September, it submitted a request for an AI Bond ETF. However, regulatory filings do not ensure that these products will launch.
Bitwise believes that growing use of automated software agents, sometimes leveraging AI, will increase demand for cross-chain asset management and transfer services, especially for networks like NEAR Protocol that prioritize interoperability.
The broader cryptocurrency sector is also embracing AI-powered solutions. Binance, a major global exchange, debuted new AI-driven features geared toward delivering market information and automating trading strategies for users and developers.
For longer-term investors, Horsley highlighted Bitwise’s BITW and BITQ index funds, which offer diversified exposure across the digital asset market for those looking to avoid managing individual cryptocurrencies or platforms.
