Key Takeaways
- • Bitwise will stop trading its spot Dogecoin ETF, BWOW, on the NYSE after October 14, 2026, roughly 10 months after its November 2025 launch, with remaining holders receiving cash equal to net asset value as of October 21 on October 22.
- • BWOW held about $725,870 in assets as of October 7, 2026, with $51,480 in September trading volume, versus launch-week daily volume near $3 million.
- • Bitwise CEO Hunter Horsley called the outcome "tragic" and attributed it to a gap between ETF buyers and crypto brokerage app users, saying that "may change over time."
- • Spot Dogecoin funds have logged roughly $300 million in total trading volume, well below Hyperliquid funds at $2.1 billion and Zcash funds at $1.5 billion, according to the report.
- • The sources contain no survey or holder data showing Dogecoin users reject ETFs; the claim rests on Horsley's executive view.
Summary
Bitwise will stop trading its spot Dogecoin ETF, BWOW, on the NYSE after October 14, 2026, according to a report by Coin Gabbar based on an interview with The Block. Bitwise announced the liquidation on September 10, about ten months after the fund launched in November 2025. Shareholders may sell on the secondary market until the close on October 14. On October 22, remaining holders will receive cash equal to net asset value as of October 21, and no action is required. Bitwise said it is optimizing its product range to meet evolving investor needs.
The fund's figures show limited demand. BWOW held about $725,870 in assets on October 7, and its monthly trading volume in September was $51,480. Launch week was far stronger, with daily volume near $3 million, and the fund has not come close since. Across all spot Dogecoin funds, net inflows were about $318,000 in August, reversing small outflows in July. Total trading volume for these funds is roughly $300 million, compared with $2.1 billion for Hyperliquid funds and $1.5 billion for Zcash funds.
Horsley told The Block at the Digital Asset Summit 2026 Asia that the failure shows a gap between people who buy ETFs and people who use crypto brokerage apps. In his view, ETF users did not want to invest in Dogecoin, though he said that "may change over time." He said he owns Dogecoin and respects what it stands for, rejected the idea that Bitwise targeted the wrong audience, and described crypto ETFs as a conduit. He contrasted BWOW with the Bitwise Solana Staking ETF, which he said holds $1.3 billion in net assets, characterizing that product as a bet on Solana.
The available sources do not establish that Dogecoin users broadly reject ETFs. Horsley's comments concern two audiences rather than all Dogecoin holders, and thin demand for one fund does not by itself establish a trend. Market context is also dated: DOGE was about $0.084 on September 10, with a market cap near $13 billion, and the same report says Dogecoin dropped out of the top 10 cryptocurrencies over the past year as HYPE and ZEC rose. Those figures predate the interview and are not current prices. Whether brokerage app users move into crypto ETFs, and whether other Dogecoin funds perform better, remain open questions.
The fund's figures show limited demand. BWOW held about $725,870 in assets on October 7, and its monthly trading volume in September was $51,480. Launch week was far stronger, with daily volume near $3 million, and the fund has not come close since. Across all spot Dogecoin funds, net inflows were about $318,000 in August, reversing small outflows in July. Total trading volume for these funds is roughly $300 million, compared with $2.1 billion for Hyperliquid funds and $1.5 billion for Zcash funds.
Horsley told The Block at the Digital Asset Summit 2026 Asia that the failure shows a gap between people who buy ETFs and people who use crypto brokerage apps. In his view, ETF users did not want to invest in Dogecoin, though he said that "may change over time." He said he owns Dogecoin and respects what it stands for, rejected the idea that Bitwise targeted the wrong audience, and described crypto ETFs as a conduit. He contrasted BWOW with the Bitwise Solana Staking ETF, which he said holds $1.3 billion in net assets, characterizing that product as a bet on Solana.
The available sources do not establish that Dogecoin users broadly reject ETFs. Horsley's comments concern two audiences rather than all Dogecoin holders, and thin demand for one fund does not by itself establish a trend. Market context is also dated: DOGE was about $0.084 on September 10, with a market cap near $13 billion, and the same report says Dogecoin dropped out of the top 10 cryptocurrencies over the past year as HYPE and ZEC rose. Those figures predate the interview and are not current prices. Whether brokerage app users move into crypto ETFs, and whether other Dogecoin funds perform better, remain open questions.
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