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Following
DOGE Bitwise announced the liquidation of Dogecoin ETF, highlighting weak institutional demand
Less than a year after its launch, asset management company Bitwise announced the closure of its Dogecoin exchange-traded fund (ETF), highlighting the weak demand for Dogecoin among institutional investors despite its mainstream recognition. On September 10, the company filed a filing with the U.S. Securities and Exchange Commission (SEC) announcing that it would liquidate the Bitwise Dogecoin ETF (code: BWOW). The fund is expected to close its final trading day on NYSE Arca on October 14, with remaining shareholders receiving cash redemption payments around October 22.
According to Bitwise, as of September 8, BWOW's net assets were only US$721,800. The product was launched in November 2025 with a first-day trading volume of approximately US$3 million, but has since failed to build sustained demand. As of the end of August, its net worth had fallen by nearly 45% since its establishment.
Demand for Dogecoin ETFs has not improved
Although Dogecoin has obtained regulated ETF access, investors are almost indifferent to it. Among all dogcoin ETFs in the United States, net inflows in August were only about $318,000, while newer altcoin products attracted more trading activity.
This weakness further confirms the broader problem facing Memecoin ETFs: brand awareness has not translated into substantial institutional configuration. Compared with other altcoins, the gap is very obvious. The total trading volume of the Dogecoin ETF is approximately US$300 million, while Zcash-related products are approximately US$1.5 billion, and products linked to Hyperliquid-are as high as US$2.1 billion.
Bitwise's exit does not mean that all Dogcoin ETFs will disappear.
Bitwise's decision does not mean that all Dogcoin ETFs will disappear. Other issuers are still operating products linked to Dogcoin. However, this incident exposed the huge gap between Dogecoin's huge retail brand influence and actual Wall Street demand.
Dogecoin remains one of the most well-known assets in the cryptocurrency space, but Bitwise cannot even maintain a scale above US$1 million in its exclusive ETF. For shareholders, the transaction will continue until October 14, after which remaining positions will be redeemed in cash. For the broader market, BWOW's short life cycle shows that having regulated access is not enough-investors are becoming increasingly picky when choosing which altcoins they are willing to invest in.
