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

Bitwise is closing its Dogecoin ETF after traders 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 following week, lower than 11 months after launch.

Bitwise stated 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 traders anticipated to obtain money based mostly on the fund’s Oct. 21 web asset worth round Oct. 22.

The closure comes as the broader US Dogecoin ETF market continues to draw modest capital. SoSoValue information 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 authentic memecoin and a proof-of-work fee community launched in 2013. CryptoSlate information ranks DOGE as 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 every 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. Before then, traders 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 similar interval. Grayscale’s Dogecoin Trust ETF, or GDOG, has attracted roughly $11.7 million of cumulative web inflows, whereas 21Shares’ TDOG has pulled in about $1.63 million.

Those good points have been sufficient to maintain the general Dogecoin ETF class in optimistic territory regardless of Bitwise’s withdrawals.

Fees provide little rationalization for BWOW’s weaker displaying. Bitwise fees an expense ratio of 0.34%, barely under Grayscale’s 0.35% sponsor payment and effectively under the 0.50% administration payment 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, sooner or later 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. However, the 21Shares comparability is more durable for Bitwise as a result of TDOG launched Jan. 22, which is nearly two months after BWOW, and the 21Shares product fees the next payment.

Even with that later entry, the fund has amassed roughly $1.63 million of web inflows and constructed an asset base a number of occasions 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.

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