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DOGE Bitwise announced liquidation of Dogecoin ETF: terminated less than one year after listing
Bitwise Investment Advisors recently announced that it will terminate and liquidate its Dogecoin ETF (code: BWOW). The last trading day for the product is scheduled for October 14, 2026, less than a year before its launch at the end of November 2025.
Clearing Schedule and Process
Bitwise revealed that trading in BWOW will stop before the opening of the Arca Market on the New York Stock Exchange on October 15, and no new shares will be added from October 14. Shareholders wishing to sell their positions must do so before an October 14 deadline.
The company said it will convert the Dogecoin position held by the ETF into U.S. dollars on October 14. The final calculation of the fund's net asset value (NAV) will take place on October 21, after which the distribution will be credited to shareholders 'securities accounts the next day (October 22).
In official communications, Bitwise described the move as part of a strategy to "optimize its product portfolio to meet changing investor needs." The announcement did not mention BWOW's trading activity or total asset size as reasons for the closure.
Bitwise outlined plans to stop issuing new shares and liquidate DOGE positions by October 14, and distribute proceeds to shareholders based on net asset value as of October 21.
Low investor interest and market background
BWOW has attracted very little funding since its launch. Although trading volume was $3 million in the first week, activity fell sharply in subsequent months, with total net inflows in August reaching only $318,000.
Compared to other U.S. cryptocurrency ETFs, BWOW's performance pales in comparison. The cumulative trading volume of the Hyperliquid ETF product since its launch has reached US$2.1 billion, while funds based on Zcash and Chainlink have recorded trading volumes of US$1.5 billion and US$680 million respectively.
The total trading volume of all Dogecoin ETF products in the U.S. market is approximately US$300 million. It should be noted that this figure represents the share turnover rate, not the newly invested net capital.
Dogecoin Price Reaction and Analyst Views
Following the announcement, Dogecoin prices fell approximately 2.6% to US$0.084 on September 11. Although price movements followed Bitwise's decision, market data did not establish a direct link between ETF closures and price declines.
Cryptocurrency technical analyst Ali Charts pointed out that before and after the news release, a TD Sequential buy signal appeared on Dogecoin's 4-hour chart. The analyst emphasized that similar signals in the past had heralded rebounds of 6.96%, 2.71%, and 11.25%.
Recent technical indicators on the Dogecoin chart suggest a possible recovery, and previous buy signals had predicted significant price increases.
On the macroeconomic front, U.S. Treasury yields rose as ETF news emerged, which could weaken investors 'appetite for highly volatile assets such as cryptocurrencies. The rise in yields on September 11 followed a producer price index (PPI) report that matched economists 'forecasts.
Bitwise is an asset management company that manages investments worth approximately US$9 billion in more than 70 products. The company continues to offer ETFs that track assets such as Bitcoin, Ethereum, Solana and XRP. The liquidation of BWOW will not affect these funds.
For shareholders who retain positions until BWOW liquidation is completed, Bitwise recommends that the final distribution may have tax consequences, depending on each investor's purchase price, holding period and account type.
Mini Dictionary
Bitwise Investment Advisors: A well-known US-based asset management company that focuses on cryptocurrency index funds and exchange-traded products (ETP).
