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XRP Bitwise closes the Dogecoin ETF, which the CEO interprets as a demand signal
Bitwise Asset Management has officially closed its Dogecoin ETF product. CEO Hunter Horsley interpreted the decision as a clear signal of demand: investors seeking to gain exposure to cryptocurrencies through exchange-traded funds (ETFs) are gradually turning to assets with active-chain utility. Horsley believes that such assets are more consistent with Solana's characteristics than dogcoin. At the same time, the company announced adding ETFs to its product line that focus on artificial intelligence (AI).
Why Bitwise closed the Dogcoin ETF
Bitwise closed the Dogcoin ETF products, reflecting a rational judgment of buyers 'behavior rather than a failure at the regulatory or operational level. Horsley pointed out that this move shows that ETF buyers are choosing cryptocurrency products based on actual activities in the underlying network, rather than just influenced by a Meme driven narrative. Previously, Grayscale had separately advanced its own Dogecoin ETF proposal, which suggests that the closure was only a decision by Bitwise based on a specific needs assessment, rather than a comprehensive denial of Dogecoin as an ETF asset by the entire industry.
Dogecoin mainly operates as a value transfer token, and its activity in decentralized applications is limited. In contrast, tracking competing products with deeper protocol ecosystem assets has attracted stronger institutional interest. This trend is confirmed by the fact that Bitwise's XRP ETF has successfully attracted more than US$500 million in assets under the same single asset packaging strategy.
Bitwise is optimistic about Solana's on-chain utility
Horsley's core argument focuses on "on-chain utility", the extent to which a network carries active economic activity, including decentralized exchanges, lending agreements, token issuance and fee-generating applications. Solana has the advantages of high transaction throughput and low single transaction costs, making it the main venue for these application scenarios. Current market data shows that Solana's fee revenue has reached historical highs as agreement demand has increased, providing a solid data foundation for Horsley's pragmatic arguments.
Solana's decentralized finance (DeFi) activity can be tracked in real time through DeFiLlama's Solana Chain Dashboard, which summarizes the total lock-in value (TVL) of various protocols on the network. The difference Bitwise highlights is to distinguish between assets that are mainly used for speculative appreciation and those for which token demand is driven in part by protocol royalties and application activity. Horsley classified Solana as the latter, and the track record of ETF products supports this view: Bitwise's Solana ETF became the first of its kind to exceed US$1 billion in assets under management (AUM).
Bitwise adds new AI ETFs in addition to cryptocurrency products
The closure of the dogcoin ETF is synchronized with Bitwise's expansion to AI-themed ETF products. The two initiatives, announced in the same context, outline a product strategy based on verifiable demand signals: Bitwise is testing investors 'appetites on the practicality of cryptocurrency and AI exposure, rather than holding positions that use limited metrics and are driven solely by narrative.
Bitwise's expanding ETF lineup now includes crypto single asset packaging products (including the recently filed Chainlink ETF prospectus) as well as themed AI products, allowing the company to capture both blockchain infrastructure and artificial intelligence verticals. The addition of AI ETFs belongs to an independent product category and is not directly related to Horsley's on-chain practicality arguments applied to dogcoin decision-making.
This comprehensive announcement establishes a clear allocation framework from Bitwise's perspective: prioritizing products that track measurable network revenue or AI infrastructure exposure over products where the investment argument is primarily based on community sentiment.
