Bitwise plans to close its Dogecoin ETF before its first anniversary. October 14 is the expected final trading day on NYSE Arca. Remaining shareholders are set to receive cash on October 22 under the company’s liquidation schedule.
The firm announced the decision on September 10 and filed notice with the U.S. Securities and Exchange Commission. Bitwise said it was adjusting its product range to meet changing investor needs.
When Will Dogecoin ETF Trading End?
Trading of the BWOW ETF will cease prior to market opening on October 15, and creation of new shares will also cease at that time. Trading of existing shares will continue until the end of the previous session.
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Bitwise intends to convert the holdings of the fund to cash on October 14, and its SEC filing makes it possible for them to liquidate all of their holdings by October 22 or shortly thereafter.
During the liquidation process of the Dogecoin ETF, the portfolio will no longer pursue its investment objective. The delisting from the NYSE Arca has been coordinated by Bitwise.
How Will Shareholders Receive Their Cash?
Shareholders remaining in the fund will receive an automatic cash redemption. Bitwise plans to calculate payments using the October 21 net asset value. The proceeds will enter the cash portion of their brokerage accounts.
Investors do not need to submit redemption requests. Those selling before trading ends receive the market price when their orders execute. That amount is not necessarily the same as the final liquidation payment.
On September 8, the Dogecoin ETF showed a $14.25 market price against a $14.44 net asset value. The difference illustrates the fund’s disclosed pricing risk for shareholders.
The SEC filing describes cash distributions from the Bitwise Dogecoin ETF as taxable events. It advises shareholders to consult their tax advisers about the consequences of receiving liquidation proceeds.
How Has BWOW Performed Since Launch?
Trading started on November 26, 2025. The fund offered exposure to DOGE via brokerage accounts without having investors hold crypto wallets. It charged a 0.34% management fee.
The fee was waived for the first month on the first $500 million of assets under management. Bitwise also said BWOW served DOGE holders seeking exposure through an exchange-traded product.
The Bitwise Dogecoin ETF shut down in light of declining investment value. According to the company’s website, net asset value dropped 45.37% since inception as of August 30. Market performance was down 45.92%.
Both returns take into account expenses. The website also showed net assets of $687,713 as of September 9. In addition, the fund held 8.2 million DOGE coins. All these data were available before the shutdown announcement.
Assets and investment returns do not represent net flow. Flows show capital going into and out of the fund, providing another indicator of crypto ETF demand. Assets, trading volumes, and fees were not mentioned by Bitwise as the reasons for closing BWOW.
What Risks Remain Before Liquidation?
Dogecoin’s price is trading around $0.08409 on September 11, having dropped by about 2% within 24 hours, according to CoinGecko. The drop came after the news. Price drops alone cannot be used to show the connection between the ETF shutdown and the drop.
The Dogecoin ETF holds a single cryptocurrency, concentrating its exposure to DOGE price swings. Bitwise warns that thin liquidity can make shares harder to sell at desired prices. Limited trading also raises the risk of gaps between the share price and the fund’s net asset value.
Bitwise still offers different crypto-related financial products. The company claims $9 billion in assets of its clients through over 70 different products. They include ETFs, private funds, managed accounts, hedge funds, and staking products.
The company offers a range of products linked to Bitcoin, Ether, Solana, XRP, Chainlink, Avalanche, and Hyperliquid. Bitwise claims that it supports over 5,500 wealth teams, advisers, family offices, and institutional investors.
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