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DOGE 
SOL Bitwise CEO Horsley： The closure of the Dogecoin ETF confirms that investors value the utility of blockchain rather than the popularity of meminoin
According to a filing with the U.S. Securities and Exchange Commission, Hunter Horsley, CEO of Bitwise Asset Management, regards the closure of the company's Dogecoin ETF as a signal that cryptocurrency investors are prioritizing the actual utility of blockchain rather than the market sentiment of meminoin. He pointed out that the level of activity on Solana's chain is an important reason for buyers 'attention shift.
Horsley's view: ETF demand follows utility, not hype
Bitwise's disclosure of the Dogcoin ETF closure in an SEC filing provides the clearest public signal yet that the company believes demand for products linked to memoin is insufficient to support the continued operation of a listed fund. As the headline of the announcement suggests, Horsley's explanation is that buyers are leaning towards assets with verifiable on-chain uses rather than assets driven mainly by community sentiment.
Horsley specifically uses Solana as a comparison case. Unlike Dogecoin, Solana has an intensive decentralized application ecosystem, high-frequency trading activity, and a token issuance mechanism that generates measurable demand on the chain. In Horsley's view, it is this distinction that determines which assets can support lasting interest in ETFs and which cannot.
This argument contains a noteworthy premise: the closure of a single product does not establish general market laws. A Dogecoin ETF that was closed due to lack of demand only reflects the product's status during a specific period of time; it does not prove that all memoin ETFs will fail, nor does it prove that Solana-related products will inevitably be large-scale success. Bitwise is an inference based on limited data and readers should evaluate it carefully.
Bitwise expands the AI ETF layout while raising Solana's argument
The closure of the Dogecoin ETF is not the only product development in this announcement. Bitwise is also expanding its product line to ETFs focused on artificial intelligence (AI), a move that puts the company at the intersection of two of the most talked about investment themes in 2026: on-chain utility and artificial intelligence infrastructure.
This combination is strategically consistent. If Bitwise's core view is that ETF buyers want asset exposure with practical uses rather than speculative narratives, then AI-linked products follow the same logic, because AI infrastructure is a category where revenue, computing needs, and corporate partnership adoption rates can be quantified. The proposal to add new AI ETFs suggests that Bitwise is applying use-case-based screening criteria across asset classes, rather than just in the cryptocurrency space.
The SEC filing did not provide specific details, and this article cannot add: The exact name, code, underlying index methodology or planned release date of the new AI ETF have not been confirmed in the available evidence. These details are yet to be disclosed separately.
What this model can do for cryptocurrency ETF buyers
Taken together, the closure of dogcoin ETFs and the increase in AI ETFs outline Bitwise's product philosophy: support assets that can be independently verified on the chain or economic activity, and liquidate products that lack such evidence. The practical lesson for cryptocurrency ETF buyers is that although the overall regulatory environment for cryptocurrency funds has become more relaxed, the threshold for launching and maintaining cryptocurrency ETFs in niche sectors is rising rather than falling.
Whether Solana's specific ETF products can attract enough sustained capital inflows to test Horsley's argument remains an unsolved mystery. While Solana's on-chain indicators are real and can be traced through sources such as DeFiLlama, buyers 'demand for these indicators to be packaged into ETFs is another variable. Bitwise's move to close one product and open others is a bet that the demand will materialize; but it is not evidence that the demand already exists.
