Bitwise Dogecoin ETF to Shut Down After Failing to Attract Enough Demand

Bitwise’s Dogecoin ETF is set to stop trading less than a year after its launch, highlighting a gap between crypto users and traditional ETF investors, according to CEO Hunter Horsley.

The fund, BWOW, launched in November 2025 but attracted limited demand despite Dogecoin’s wide recognition among crypto users. Horsley said the result shows that an asset’s popularity in crypto does not necessarily translate into demand for an ETF.

BWOW will stop trading on Oct. 14, ending the fund less than a year after its launch.

Dogecoin ETF Struggles

BWOW had about $726,000 in assets as of Oct. 7, according to SoSoValue. Its trading volume totaled $51,480 in September, indicating limited activity since launch.

Related: Ripple Expands Leveraged ETF Financing With Brevan Howard Deal

Horsley said ETF investors had shown little interest in Dogecoin but could become more receptive as the market develops. He also rejected the idea that Bitwise had targeted the wrong audience, saying ETFs can connect traditional investors with crypto assets.

“I like Dogecoin, I own Dogecoin,” Horsley said, while acknowledging the token has limited utility.

Solana ETF Shows Stronger Demand

Bitwise’s Solana staking ETF, meanwhile, has attracted about $1.3 billion in net assets. Horsley cited staking and Solana’s use in tokenization and stablecoins as factors behind the stronger demand.

Bitwise has also launched an ETF tied to NEAR and filed applications for two artificial intelligence-focused funds. The moves reflect the firm’s expansion into crypto and AI-related investment products.

Related: Fed Minutes Point to a Second Rate Hike by Year-End: What it Means for BTC?