Key Takeaways
- • Bitwise will close its spot Dogecoin ETF (NYSE: BWOW), with trading ending October 14, 2026 and liquidation to follow, less than a year after its November 2025 launch.
- • Bitwise CEO Hunter Horsley called the fund's failure "tragic" in an interview with The Block at Digital Asset Summit 2026 Asia, saying "I like Dogecoin, I own Dogecoin" but that the token "went nowhere as an ETF."
- • BWOW attracted little capital: SoSoValue data showed net assets of about $684,060 as of October 8, 2026, with cumulative net outflows of $1.23 million.
- • Horsley attributed the gap to a "delta" between ETF buyers and crypto brokerage app users, and said Bitwise's Solana staking ETF (BSOL, ~$899.9M market cap per Coinbase) drew stronger demand.
Summary
Bitwise Asset Management plans to shut its spot Dogecoin ETF, BWOW, with trading scheduled to end on October 14, 2026. A notice filed with the SEC says the fund will be liquidated afterward, and cash distributions are expected around October 22, according to reports. The fund launched in November 2025 and closed less than a year later after drawing limited investor interest.
Bitwise CEO Hunter Horsley called the fund's failure "tragic" during an interview with The Block at Digital Asset Summit 2026 Asia. He said he personally holds Dogecoin, but that the token "went nowhere as an ETF." Horsley argued the outcome points to a gap, or "delta," between ETF investors and users of crypto brokerage apps, adding that ETF users "just didn't want to put money into Dogecoin, but that may change over time."
SoSoValue data cited in coverage showed BWOW net assets of about $684,060 as of October 8, with cumulative net outflows of $1.23 million. By comparison, the Bitwise Solana Staking ETF (BSOL) had a market capitalization of roughly $899.9 million according to Coinbase data. Horsley credited BSOL's staking feature, which earns network rewards, for its stronger demand, while noting its assets mainly reflect a bet on Solana as tokenization and stablecoins move onchain.
In the same interview, Horsley said Bitwise launched the Bitwise NEAR ETF (NYSE: NRR), the first spot fund tracking NEAR Protocol's token, the prior week, and pointed to NEAR Intents as a potential driver as AI agents gain financial capabilities. For a five-year horizon, he highlighted the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise Crypto Industry Innovators ETF (BITQ).
Bitwise CEO Hunter Horsley called the fund's failure "tragic" during an interview with The Block at Digital Asset Summit 2026 Asia. He said he personally holds Dogecoin, but that the token "went nowhere as an ETF." Horsley argued the outcome points to a gap, or "delta," between ETF investors and users of crypto brokerage apps, adding that ETF users "just didn't want to put money into Dogecoin, but that may change over time."
SoSoValue data cited in coverage showed BWOW net assets of about $684,060 as of October 8, with cumulative net outflows of $1.23 million. By comparison, the Bitwise Solana Staking ETF (BSOL) had a market capitalization of roughly $899.9 million according to Coinbase data. Horsley credited BSOL's staking feature, which earns network rewards, for its stronger demand, while noting its assets mainly reflect a bet on Solana as tokenization and stablecoins move onchain.
In the same interview, Horsley said Bitwise launched the Bitwise NEAR ETF (NYSE: NRR), the first spot fund tracking NEAR Protocol's token, the prior week, and pointed to NEAR Intents as a potential driver as AI agents gain financial capabilities. For a five-year horizon, he highlighted the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise Crypto Industry Innovators ETF (BITQ).
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