Crypto asset manager Bitwise has decided to close its spot Dogecoin ETF, BWOW. The fund will be liquidated after operating in the US market for nearly 10 months.
BWOW’s final day of trading on the New York Stock Exchange is expected to be October 14. Investors will be able to sell their shares on the secondary market until the end of that trading session.
The fund’s liquidation process will be completed on October 22. Investors who retain their shares until then will receive a cash payment.
Weak investor demand for BWOW appears to be behind the decision. The fund generated approximately $3 million in daily trading volume when it launched in November 2025. However, it failed to approach that level again.
Bitwise Dogecoin ETF trading will end on October 14
According to an announcement from Bitwise, BWOW will trade for the final time on Wednesday, October 14. The fund’s shares will no longer be available for trading on the NYSE after that date.
Under the liquidation plan, the value of the fund’s remaining assets will be calculated on October 21. Shareholders who retain their positions will receive cash payments corresponding to the net asset value of their shares on October 22.
Investors will not need to take any action to receive the payment. However, the potential tax consequences of the liquidation may vary depending on each investor’s circumstances.
Bitwise said it was optimizing its product lineup in response to changing investor needs. The company did not directly cite low trading volume in its announcement about the fund’s closure.
BWOW volume declined after its first week
BWOW recorded approximately $3 million in daily trading volume during its launch week in November 2025. Initial interest quickly faded, and the fund failed to generate similar volume in the following months.
Dogecoin ETFs have also delivered limited performance in terms of investor demand. According to SoSoValue data, these funds recorded approximately $318,000 in net inflows last month. The inflows reversed the modest outflows registered in July.
The total trading volume of spot Dogecoin ETFs listed in the US remained at around $300 million. DOGE funds consequently fell considerably behind several altcoin ETFs.
Hyperliquid ETFs generated approximately $2.1 billion in trading volume. Zcash funds reached $1.5 billion, while Chainlink funds recorded around $680 million.
Dogecoin drops out of the top 10 cryptocurrencies
The first Dogecoin ETF in the US launched in September 2025. Expectations of strong investor interest emerged before the launch of the spot funds. However, trading volume and fund flow data showed that this demand failed to materialize.
Dogecoin was trading at approximately $0.084 at the time of writing. The cryptocurrency had a market capitalization of around $13 billion.
DOGE dropped out of the top 10 cryptocurrencies by market capitalization amid the rise of assets such as Hyperliquid and Zcash.
