Bitwise is closing the lowest-fee Dogecoin ETF after rivals captured nearly all the capital

Bitwise is closing its Dogecoin ETF after investors largely bypassed the fund in favor of competing products.

On Sept. 10, the asset manager said the Bitwise Dogecoin ETF, or BWOW, will stop trading on NYSE Arca on Oct. 14 and be liquidated the following week, less than 11 months after launch.

Bitwise said the liquidation is part of an effort to optimize its product lineup as investor needs evolve. Share creation will stop before trading opens Oct. 15, with remaining investors expected to receive cash based on the fund’s Oct. 21 net asset value around Oct. 22.

The closure comes as the broader US Dogecoin ETF market continues to attract modest capital. SoSoValue data show the category has recorded about $12 million of cumulative net inflows and manages roughly $11.83 million in assets.

BWOW accounts for only about $700,000 of those assets and has recorded roughly $1.23 million of cumulative net outflows.

Dogecoin is the original memecoin and a proof-of-work payment network launched in 2013. CryptoSlate data ranks DOGE as the 11th-largest cryptocurrency by market capitalization, with a market value of about $13.07 billion.

Investor activity in BWOW barely moved after launch, with the fund recording a non-zero daily net flow on only three trading days during its entire history.

SoSoValue data show BWOW did not register an inflow until Aug. 24, when about $146,000 entered the product. Before then, investors withdrew roughly $972,000 on Dec. 4, 2025, followed by another $406,000 on Jan. 20, 2026.

Its rivals built substantially larger positions over the same period. Grayscale’s Dogecoin Trust ETF, or GDOG, has attracted roughly $11.7 million of cumulative net inflows, while 21Shares’ TDOG has pulled in about $1.63 million.

Those gains have been enough to keep the overall Dogecoin ETF category in positive territory despite Bitwise’s withdrawals.

Fees offer little explanation for BWOW’s weaker showing. Bitwise charges an expense ratio of 0.34%, slightly below Grayscale’s 0.35% sponsor fee and well below the 0.50% management fee on 21Shares’ TDOG.

Grayscale entered the race with a structural advantage.

Its Dogecoin trust had operated privately since January 2025 and held about $2.09 million in assets by Oct. 31, several weeks before its shares began trading publicly. GDOG debuted on NYSE Arca on Nov. 24, one day before BWOW’s launch, giving Grayscale an existing investor base and first-mover position.

That head start helps explain part of GDOG’s lead. However, the 21Shares comparison is harder for Bitwise because TDOG launched Jan. 22, which is nearly two months after BWOW, and the 21Shares product charges a higher fee.

Even with that later entry, the fund has accumulated roughly $1.63 million of net inflows and built an asset base several times larger than Bitwise’s.

BWOW’s closure leaves Bitwise exiting a market where an established incumbent and a later entrant both attracted more investor capital.

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