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DOGE Bitwise Asset Management will terminate DOGE ETF trading on October 14
Bitwise Asset Management, a leading cryptocurrency index fund provider, announced that its Bitwise Dogecoin ETF (code: BWOW) will officially close less than a year after its establishment. The company has designated October 14 as the final trading day for BWOW in NYSE Arca and plans to distribute the liquidation proceeds to shareholders on October 22.
Bitwise announces termination of DOGE ETF program
On September 10, Bitwise disclosed its decision to terminate DOGE ETF and filed a formal notice with the U.S. Securities and Exchange Commission (SEC). The company said the move is part of its ongoing efforts to refocus its investment product line to meet changing investor needs.
Trading in BWOW will officially stop before the market opens on October 15, and the creation of new shares will also be terminated simultaneously. However, existing shares can still be traded until the market close on October 14. Bitwise will convert assets held by ETFs into cash and coordinate the delisting of BWOW from NYSE Arca. The company will automatically pay cash redemption payments to shareholders who still hold the fund at the time of liquidation, based on the net asset value (NAV) calculated as of October 21. These funds will be credited directly to the cash balance of shareholders 'brokerage accounts.
Investors do not need to submit a redemption application to receive liquidation payments; investors who choose to sell shares before the market closes will receive the current market price. Due to possible differences between the market price and the official NAV, the final liquidation value may differ from the market price. Bitwise emphasized that during the liquidation process, the BWOW portfolio will no longer pursue its previous investment goals and that all trading and redemption activities will follow a pre-arranged schedule.
Fund performance and impact on investors
The DOGE ETF will begin trading on November 26, 2025, allowing investors to access Dogecoin through traditional brokerage accounts. The fund does not require holders to manage crypto wallets or private keys, with a management fee rate of 0.34%, but is waived for the first month before the asset size reaches $500 million.
As of September 8, BWOW's share price was US$14.25 and its net asset value was US$14.44, reflecting a slight spread due to market liquidity. Tax guidance in the SEC filing states that cash distributions obtained from fund liquidations are considered taxable events and recommends that shareholders consult tax professionals for specific implications.
According to Bitwise, since its establishment, the net asset value of the ETF has dropped by 45.37%, and the market price after deducting expenses has dropped by 45.92%. As of September 9, net assets were US$687,713, when the fund held 8.2 million DOGE tokens. These data do not reflect net cash flow, which is the amount of investor capital actually flowing into or out of the fund.
Bitwise did not directly attribute the ETF's closure to asset size, trading volume or management fees, but the company said a decline in the fund's value was a factor in the decision. Volatility in DOGE prices also increases the risk characteristics of ETFs.
Market Impact and Company Outlook
According to CoinGecko, the spot price of Dogecoin on September 11 was US$0.08409, down about 2% in the 24 hours after the closure announcement. However, price changes alone may not fully explain the impact of ETF closures on the value of Dogecoin.
The fund exclusively invests in Dogecoin, which exacerbates the impact of market volatility on shareholders and increases the possibility of differences between stock prices and underlying asset values. Insufficient liquidity may also limit investors 'ability to execute transactions close to the NAV during periods of high volatility.
Bitwise continues to offer a comprehensive line of cryptocurrency financial products. According to the latest disclosure, the company manages more than $9 billion in customer assets, covering more than 70 products. These include ETFs, private equity funds, custody accounts, hedge funds and pledge solutions.
Bitwise's product line includes products linked to assets such as Bitcoin, Ether, Solana, XRP, Chainlink, Avalanche and Hyperliquid. The company serves more than 5,500 wealth management teams, financial advisers, family offices and institutional investors around the world.
Noun Explanation
Bitwise Asset Management: A US-based investment company specializing in cryptocurrency index funds and exchange-traded products.
NYSE Arca: An electronic securities trading platform operated by the New York Stock Exchange, known for its listed exchange-traded funds (ETFs) and structured financial products.
