Bitwise is closing the lowest-fee Dogecoin ETF after rivals captured nearly all the capital
Bitwise is closing its Dogecoin ETF after buyers largely bypassed the fund in favor of competing merchandise.
On Sept. 10, the asset supervisor said the Bitwise Dogecoin ETF, or BWOW, will cease buying and selling on NYSE Arca on Oct. 14 and be liquidated the next week, lower than 11 months after launch.
Bitwise mentioned the liquidation is a part of an effort to optimize its product lineup as investor wants evolve. Share creation will cease earlier than buying and selling opens Oct. 15, with remaining buyers anticipated to obtain money primarily based on the fund’s Oct. 21 web asset worth round Oct. 22.
The closure comes because the broader US Dogecoin ETF market continues to draw modest capital. SoSoValue knowledge present the class has recorded about $12 million of cumulative web inflows and manages roughly $11.83 million in belongings.
BWOW accounts for under about $700,000 of these belongings and has recorded roughly $1.23 million of cumulative web outflows.
Dogecoin is the unique memecoin and a proof-of-work cost community launched in 2013. CryptoSlate knowledge ranks DOGE because the Eleventh-largest cryptocurrency by market capitalization, with a market worth of about $13.07 billion.
Bitwise DOGE ETF noticed flows on simply three days
Investor exercise in BWOW barely moved after launch, with the fund recording a non-zero day by day web circulate on solely three buying and selling days throughout its whole historical past.
SoSoValue data present BWOW didn’t register an influx till Aug. 24, when about $146,000 entered the product. Earlier than then, buyers withdrew roughly $972,000 on Dec. 4, 2025, adopted by one other $406,000 on Jan. 20, 2026.
Its rivals constructed considerably bigger positions over the identical interval. Grayscale’s Dogecoin Belief ETF, or GDOG, has attracted roughly $11.7 million of cumulative web inflows, whereas 21Shares’ TDOG has pulled in about $1.63 million.
These good points have been sufficient to maintain the general Dogecoin ETF class in optimistic territory regardless of Bitwise’s withdrawals.
Charges supply little rationalization for BWOW’s weaker exhibiting. Bitwise costs an expense ratio of 0.34%, barely under Grayscale’s 0.35% sponsor price and effectively under the 0.50% administration price on 21Shares’ TDOG.
Grayscale entered the race with a structural benefit.
Its Dogecoin belief had operated privately since January 2025 and held about $2.09 million in belongings by Oct. 31, a number of weeks earlier than its shares started buying and selling publicly. GDOG debuted on NYSE Arca on Nov. 24, someday earlier than BWOW’s launch, giving Grayscale an current investor base and first-mover place.
That head begin helps clarify a part of GDOG’s lead. Nonetheless, the 21Shares comparability is more durable for Bitwise as a result of TDOG launched Jan. 22, which is almost two months after BWOW, and the 21Shares product costs the next price.
Even with that later entry, the fund has accrued roughly $1.63 million of web inflows and constructed an asset base a number of instances bigger than Bitwise’s.
BWOW’s closure leaves Bitwise exiting a market the place a longtime incumbent and a later entrant each attracted extra investor capital.
