Bitwise plans to liquidate its spot Dogecoin exchange-traded fund, BWOW, less than 10 months after bringing it to market, ending a short run marked by limited investor demand and persistent outflows. Trading in the fund is set to end on October 14, and investors who still hold shares through the closure will receive cash on October 22 based on the fund’s net asset value from the previous day.

The closure leaves two US spot Dogecoin funds still trading, but it also highlights how small the category remains. BWOW was the lowest-cost option among the three listed products, yet it finished last week with only $721,820 in assets, a small share of the roughly $12.3 million held across the entire segment.

A low-cost product that failed to gain traction

BWOW launched on November 25, 2025, with an annual fee of 0.34%, making it the cheapest of the three US spot Dogecoin ETFs. A spot Dogecoin ETF holds DOGE directly, allowing investors to gain exposure to the token through a standard brokerage account rather than buying and storing the asset themselves.

Lower fees did not translate into adoption. According to SoSoValue data cited in the source report, BWOW recorded lifetime net flows of negative $1.23 million, indicating that cumulative withdrawals exceeded inflows over the fund’s existence. Bitwise said the liquidation decision was part of an effort to optimize its product lineup to meet changing investor needs.

Small assets and thin trading volume

By the end of last week, BWOW held $721,820, equal to about 6% of the $12.3 million spread across all three US spot Dogecoin funds. Trading activity was also limited: on September 9, the fund changed hands for about $5,670 in share volume.

The other two products attracted more money over the same period. Grayscale’s GDOG gathered $11.7 million, while 21Shares’ TDOG brought in $1.63 million, according to the figures referenced in the source article. The weak showing was visible early. During launch week, the source noted that the debut of Dogecoin ETFs drew less than $2 million in the first 48 hours.

What remaining holders need to know

Until trading stops on October 14, BWOW shares may continue to trade at either a premium or a discount to the value of the Dogecoin held by the fund. On September 9, the shares were trading 1.24% below that value, and the source article noted that low trading volume can widen such gaps.

Investors who keep their shares until the fund is wound down are scheduled to receive cash on October 22. That payment will be determined using the fund’s value on the day before the distribution.

Dogecoin weakness adds to the pressure

The fund’s poor performance also reflected moves in the underlying asset. Dogecoin was trading near $0.0842 in the source report, down 2.9% over 24 hours and carrying a market value of about $13.1 billion.

Bitwise’s own figures showed BWOW had fallen 45.37% from launch through August 30. The source article linked that decline to the slide in DOGE itself, underscoring that the ETF struggled both with price performance and with gathering a durable investor base.

What comes next for the category

BWOW’s shutdown does not end the US spot Dogecoin ETF market, since GDOG and TDOG remain listed. Still, Bitwise’s exit raises a practical question about whether the remaining funds can sustain themselves in a category that, in total, holds only around $12 million.

For now, the next confirmed milestone is BWOW’s closure timetable: trading is due to cease on October 14, followed by the cash distribution to remaining shareholders on October 22. Whether rival funds face similar pressure remains unresolved in the source report.

Source: beincrypto.com