Bitwise terminates DOGE ETF, trading ends in less than a year

Core Points

• Low investor interest: Bitwise Investment Advisors announced the termination of its Dogecoin ETF (code: BWOW), with the last trading day set for October 14, 2026.
• Clearing and Distribution Arrangements: Cash distribution will be processed on October 22 and will be calculated based on the net asset value (NAV) on October 21.
• Market reaction: On September 11, affected by the closure news, the price of Dogecoin fell by about 2.6% to about US$0.084 per piece.
• Capital inflows are minimal: the ETF recorded only a net inflow of US$318,000 throughout August, making capital appeal weak.
• Macro headwinds: On the same day, US bond yields climbed, bringing additional downward pressure on the crypto market.

Bitwise announced the termination and liquidation of the Dogecoin ETF

On September 10, Bitwise Investment Advisors revealed plans to terminate and liquidate its Dogecoin ETF (trading code: BWOW). The fund debuted on November 26, 2025 and has been in operation for less than 10 months.

Bitwise said the move aims to "optimize its product portfolio to meet changing investor needs." It is worth noting that the company did not mention transaction volume or total asset size as reasons for the closure in its statement.

According to the announcement, trading activities of the fund will stop before the opening of the New York Stock Exchange's Arca branch on October 15. Shareholders wishing to exit positions must complete the transaction before the close of trading on October 14. After this deadline, no new fund units will be created.

The company plans to liquidate BWOW's Dogecoin position into U.S. dollars on October 14. The final net asset value calculation will be carried out on October 21, and then the money will be distributed directly to investors 'securities accounts the next day (October 22).

Technical Analysis: DOGE may rebound

Although the fund is about to liquidate, technical analyst Ali Charts pointed out that DOGE may be taking shape in the form of a near-term recovery. He observed a buy signal from the TD Sequential indicator on the 4-hour chart and reviewed the historical record of prices rising by 6.96%, 2.71% and 11.25% respectively after three similar signals appeared.

This suggests that the recent correction may be coming to an end and that there is a possibility of a short-term rebound in the market.

Investor interest continues to be sluggish

BWOW's market activity shows that investor participation has remained sluggish. Although the fund recorded trading volume of about $3 million in its launch week, the momentum failed to maintain in subsequent months.

Data showed that the net inflow to the U.S. Dogecoin ETF market throughout August was only US$318,000. In comparison, the cumulative trading volume of Hyperliquid-related ETF products since their inception has reached US$2.1 billion, while funds based on Zcash and Chainlink have registered approximately US$1.5 billion and US$680 million respectively.

The total trading volume of all Dogecoin ETF products is approximately US$300 million, which mainly reflects the share turnover rate rather than net capital inflows.

Market reaction to closure news

On September 11, Dogecoin traded close to $0.084, down about 2.6% from the previous trading day. Although price movements followed Bitwise's announcement, available market data does not conclusively prove that there is a direct causal link between ETF closures and sell-offs.

In addition, U.S. bond yields also rose on the day, in part because the producer price index (PPI) report was in line with economists 'expectations. Typically, higher yields reduce investors 'appetite for risky assets, including cryptocurrencies.

Notes for shareholders

Bitwise currently manages approximately US$9 billion in client assets across more than 70 investment products, including exchange-traded funds that track Bitcoin, Ethereum, Solana, XRP and other digital assets. The liquidation of BWOW will not affect these other products that continue to be provided.

Shareholders holding BWOW positions until the liquidation process should note that the final cash distribution may trigger tax consequences. The specific tax treatment method will vary depending on the original purchase price, holding period and account registration type.