Key points

  • Bitwise notified NYSE Arca that it will voluntarily close, delist and liquidate the Dogecoin ETF BWOW.
  • October 14 is expected to be the final trading day, while new share creation will stop before the October 15 market open.
  • Remaining shareholders are scheduled to receive cash based on the fund's net asset value on or around October 22.

Bitwise Investment Advisers plans to close and liquidate the Bitwise Dogecoin ETF, ending the short life of a US-listed product designed to provide indirect exposure to DOGE. The sponsor announced the decision on September 10 and filed a Form 8-K with the US Securities and Exchange Commission covering the planned delisting from NYSE Arca.

The closure follows a defined October timetable

According to the SEC filing, shares of the fund, which trades under the ticker BWOW, are expected to remain available in the secondary market through October 14. Trading will stop before the market opens on October 15, and Bitwise will also cease creating new shares before that session begins.

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Bitwise said it coordinated with NYSE Arca on an orderly delisting and liquidation. The fund's Dogecoin holdings are scheduled to be converted into cash, with liquidation proceeds distributed to shareholders on or around October 22. The filing allows for the holdings to be liquidated by that date or shortly afterward.

BWOW remained a small single-asset fund

The fund's own website reported net assets of $687,713 as of September 9, with 50,000 shares outstanding and an expense ratio of 0.34%. Its holdings page listed approximately 8.2 million DOGE with a market value near $687,794, illustrating the relatively limited size of the vehicle immediately before the closure announcement.

BWOW began on November 25, 2025, meaning the planned liquidation comes before its first anniversary. Bitwise described the decision as part of an effort to optimize its product range for changing investor needs, but the announcement did not identify one specific performance threshold, regulatory event or Dogecoin development as the reason for closing the fund.

The product was structured as a single-asset exchange-traded vehicle, with Coinbase Custody Trust serving as digital asset custodian and Bank of New York Mellon as trust custodian and administrator, according to the fund disclosures. Those service arrangements enabled brokerage shares to provide indirect DOGE exposure while the trust held the underlying tokens; liquidation will unwind that structure.

What remaining shareholders should expect

Investors may sell BWOW shares in the secondary market until trading ends on October 14. Anyone still holding shares through the liquidation will have them redeemed automatically for cash at the fund's net asset value, with the payment deposited through the shareholder's broker or other financial intermediary. Bitwise said no action is required for that automatic process.

The SEC filing notes that the cash distribution is a taxable event and tells shareholders to consult their tax advisers about individual consequences. Once liquidation begins, the portfolio will no longer be managed according to its original investment objective, and there will be no secondary market for the shares after trading stops.

A fund closure is not a Dogecoin shutdown

The decision concerns one exchange-traded product rather than the Dogecoin network or DOGE trading generally. BWOW holds Dogecoin through a regulated trust structure and gives brokerage-account investors price exposure without direct token ownership; closing the vehicle removes that particular route but does not alter the underlying blockchain.

Cointelegraph and The Block independently reported the timetable after Bitwise's announcement, while the SEC filing provides the binding public record of the planned delisting and liquidation. Investors following the fund should distinguish the last trading date, the valuation date used for remaining shares and the later distribution date when tracking the process.

Sources

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