Bitwise to close Dogecoin ETF amid low investor demand

Bitwise Asset Management is preparing to close its spot Dogecoin ETF (BWOW) before it completes a full year on the NYSE. The fund, launched in November 2025, struggled with low trading volume and assets under management, with total assets reaching approximately $726,000 as of October 7 and monthly trading volume around $51,000.

Bitwise CEO Hunter Horsley described the situation as a mismatch between product format and audience rather than a failure of the Dogecoin asset itself. He noted a structural divide between crypto-native users who engage with assets via apps and traditional ETF investors who use regulated brokerage accounts. While the Dogecoin community remains active on social media and crypto platforms, this popularity did not translate into demand from traditional investors seeking exposure through an ETF wrapper.

In contrast, Bitwise’s Solana staking ETF (BBSOL) has seen significant success, reaching approximately $1.3 billion in net assets. Horsley attributed this difference to the perceived growth potential of the Solana ecosystem, including tokenization and on-chain finance, suggesting that altcoin ETFs may require a clear utility or growth narrative to attract institutional capital.