Dogecoin ETF BWOW to Close After Investor Demand Stalls

Bitwise’s spot Dogecoin ETF, BWOW, is set to stop trading after Oct. 14, less than a year after its November 2025 launch. The fund had about $725,870 in assets under management as of Oct. 7 and recorded $51,480 in September trading volume, according to SoSoValue data. CEO Hunter Horsley called the outcome “tragic” and said ETF buyers did not want Dogecoin exposure through the fund.

Why it matters

Horsley said BWOW’s closure reflects a gap between the audiences for spot ETFs and crypto brokerage apps, rather than proof that the product targeted the wrong investors. He said he likes and owns Dogecoin, describing it as an asset with cultural meaning despite its historically limited utility. ETF products, he argued, are a conduit for investors, but demand for a particular token may differ across platforms.

The contrast with Bitwise’s Solana Staking ETF, BSOL, is stark: Horsley said it has $1.3 billion in net assets. He credited its staking feature, but said buyers are ultimately making a bet on Solana and activity moving onchain, including tokenization, stablecoins and vaults.

Market impact

The closure is a cautionary signal for issuers considering single-token crypto ETFs: a listing alone does not guarantee that ETF investors will follow the token’s audience on brokerage apps. Horsley said Bitwise is focused on identifying products investors want, including in AI and crypto.

Bitwise recently launched NRR, a spot ETF tracking NEAR Protocol’s native cryptocurrency. Horsley pointed to NEAR Intents, which enables users or AI agents to swap and send assets across chains without directly moving coins through a bridge. The firm has also filed for an AI Cyber Defense ETF and an AI Bond ETF. Horsley named BITW and BITQ as five-year-horizon options, saying index funds can reduce the need to predict which projects will lead.