Bitwise Shuts Down Dogecoin ETF After Investors Stay Away

Bitwise is closing its Dogecoin ETF known as BWOW after the fund failed to gain traction with investors. The fund will stop trading on the NYSE Arca on October 14 and will be liquidated shortly after. This decision comes less than a year after the product hit the market, as Bitwise looks to streamline its offerings to better match current investor demand.

Despite having one of the lowest expense ratios in the sector at 0.34 percent, BWOW struggled to gather significant capital. Data shows the fund recorded net inflows on only three days throughout its entire history, with total assets dropping to roughly 700,000 dollars. Investors largely preferred competing funds from Grayscale and 21Shares, leaving the Bitwise product with little footprint in the broader market.

Market experts point to the competitive advantage held by rivals. Grayscale benefited from a first mover position with its existing trust, while the 21Shares fund outperformed BWOW despite launching later and charging higher fees. The total Dogecoin ETF market remains small, holding just under 12 million dollars in assets, suggesting that broader institutional demand for these specific memecoin products remains cool.

Remaining investors in the fund will receive cash payouts based on the net asset value calculated on October 21. For now, the closure marks a clear exit for Bitwise from the niche Dogecoin ETF space, leaving the rest of the category to be dominated by its competitors.