Dogecoin ETF to Shut as Bitwise CEO Flags Weak Demand

• Bitwise will stop BWOW trading after October 14 following weak demand.
• BWOW held roughly $725,870 in assets as of October 7.
• Bitwise Solana ETF reached about $1.3 billion in net assets.

Bitwise will close its spot Dogecoin ETF, BWOW, less than one year after its November 2025 launch on NYSE. The Dogecoin ETF had about $725,870 in assets on October 7 and only $51,480 in September trading volume. Bitwise CEO Hunter Horsley said the outcome exposed a clear gap between traditional ETF buyers and crypto-app users.

Dogecoin ETF Closure Shows Weak Demand From ETF Buyers

BWOW will stop trading after October 14, with remaining shareholders scheduled to receive cash after liquidation. Bitwise launched the fund in November 2025 to give investors regulated exposure to Dogecoin through an exchange-traded product.

However, the Dogecoin ETF failed to convert Dogecoin’s broad crypto recognition into sustained demand from ETF investors. Horsley said ETF users simply showed little interest in allocating money to Dogecoin. 

He rejected the view that Bitwise chose the wrong audience, describing ETFs as access channels rather than guaranteed demand generators.

The numbers underline that weakness. BWOW held less than $1 million in assets shortly before closure, despite strong attention around its debut. September trading activity also remained limited compared with larger crypto investment products.