Bitwise Dogecoin ETF Shuts With $722,000 Left: Will Rival Funds Follow?
Bitwise is shutting down its Dogecoin exchange-traded fund, BWOW, less than 10 months after launching it. The fund drew so little money that keeping it listed stopped making sense.
Trading ends on October 14, and investors who hold on get paid in cash on October 22, based on the fund's value the day before. They need to do nothing.
A Fund that Never Found Buyers
A spot Dogecoin ETF holds real Dogecoin (DOGE), letting people own the meme coin through an ordinary brokerage account.
BWOW opened on November 25, 2025, and charged 0.34% a year. That made it the cheapest of the three US spot Dogecoin funds. Being cheapest did not help.
It closed last week holding $721,820, roughly 6% of the $12.3 million spread across all three funds. Data from SoSoValue puts its lifetime net flows at negative $1.23 million, meaning more money walked out than ever came in.
Grayscale's GDOG collected $11.7 million over the same stretch. The 21Shares fund, TDOG, took $1.63 million. BWOW traded about $5,670 worth of shares on September 9.
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