Bitwise Dogecoin ETF liquidation BWOW

The Bitwise Dogecoin ETF liquidation BWOW involves Bitwise winding down its BWOW exchange-traded fund, which began trading on November 26, 2025, and has a scheduled final trading day on NYSE Arca of October 14, 2026. Remaining shareholders are expected to receive cash distributions on October 22, 2026, based on net asset value as of October 21, 2026. At the time of the notice the fund held approximately 8.2 million DOGE, with reported asset values of roughly $688,000 and about $722,000 in different statements.

Bitwise has set a clear timeline and mechanism for winding down the BWOW exchange-traded fund. The fund’s final trading day on NYSE Arca is October 14, 2026, after which shares will no longer trade on the exchange. Net asset value for the fund will be determined as of October 21, 2026, and the remaining shareholders are scheduled to receive a cash distribution of that NAV on October 22, 2026. Shareholders do not need to take any action to receive the cash payment; the distribution is to be made to remaining shareholders automatically.

Bitwise began its efforts to launch the BWOW Dogecoin ETF in early 2025. As part of the preparatory steps, Bitwise registered a Dogecoin ETF entity in Delaware in January 2025. This was followed by the firm removing a delaying amendment from its SEC registration in November 2025, a critical step allowing the filing to become effective after 20 days if the SEC did not intervene. This regulatory clearance facilitated the fund’s commencement of trading on November 26, 2025.

The competitive landscape at the time included other significant players in the cryptocurrency ETF market, such as Grayscale, which was offering its own Dogecoin ETF as well as XRP ETFs. This period saw increasing investor demand for exposure to cryptocurrencies through an ETF or ETP format. Bitwise aimed to capitalize on this demand, citing the interest among the large community of DOGE holders.

Bitwise CEO Hunter Horsley explained, “Bitwise is launching BWOW because many DOGE holders, a community that numbers in the millions, want the benefit that comes from getting exposure to crypto in an ETP format, and we believe they should have it.”

Bitwise’s BWOW Dogecoin ETF is being wound down less than 11 months after its launch. The company has set a final trading day and a subsequent cash distribution for remaining shareholders, and those operational milestones are in place as the fund exits the market. The closure takes place within a broader, competitive crypto ETF market that saw multiple new ETP and ETF offerings during the same period.