Investment firm Bitwise Investment Advisers has submitted a notice to NYSE Arca regarding the liquidation of its exchange-traded fund Bitwise Dogecoin ETF, trading under the ticker BWOW. Trading of the shares will cease on October 14, meaning the product will exist for less than a year.
According to the documents submitted to the SEC, holders of BWOW shares who do not exit the fund in time will receive cash amounts calculated based on the net asset value as of October 21. The transfer of funds is scheduled for October 22, with taxes deducted from the payments. Shareholders will not need to take any action during the liquidation process. Bitwise's official explanation is 'optimization of the product line due to changing investor needs.' However, BWOW was unable to attract demand and showed weak performance. The fund launched on November 25, 2025, with the first trades occurring on November 26. By September 8, 2026, BWOW's asset volume was only $721,815, equivalent to approximately 8.2 million DOGE. The fund's return since launch through August was negative at minus 45.37%.
The net asset trend was downward: at the end of last year, they were valued at $1.15 million, and by June 30, 2026, they had decreased to $473,547. In the first half of 2026, the fund did not issue any new shares, redeeming 20,000 shares instead. In its debut week, BWOW's daily turnover reached about $3 million, but the fund was unable to replicate this result subsequently. The total turnover of all U.S. ETFs linked to Dogecoin as of September 10 was approximately $300 million. This is significantly lower than the figures for funds on Hyperliquid ($2.1 billion), Zcash ($1.5 billion), and Chainlink ($680 million). SoSoValue statistics indicate that over the past 30 days, three American DOGE funds lost a combined $670,530 net, while the accumulated capital inflow over their entire existence does not exceed $11.77 million.
In early September, Bitwise also reported on another of its products: the net assets under management of the Bitwise XRP ETF, tracking the Ripple cryptocurrency, reached $507.2 million nine months after its launch.