Asset management company Bitwise Asset Management is liquidating its Dogecoin exchange-traded fund with ticker BWOW less than a year after its launch.

The fund launched on November 25, 2025. As of September 9, its net assets totaled approximately $688 thousand.

Closure Timeline

  • October 14 — final trading day on NYSE Arca;
  • From October 15 — new share issuance ceases;
  • October 14 — conversion of fund assets to cash begins;
  • October 21 — net asset value calculation for payments;
  • Around October 22 — distribution of funds to investors.

Fund holders do not need to take any action: redemption is processed automatically through brokers.

Why This Matters

The company attributed the decision to the need to align its product lineup with current investor demand. In reality, this reflects extremely low demand.

With assets under $1 million, this case ranks among the smallest closures in the current wave of spot cryptocurrency fund launches in the US.

Investor Lesson

This case illustrates a rarely discussed risk with new ETF launches: a fund can be closed by its manager if it fails to attract sufficient assets.

For holders, this means forced exit from their position at a specific time—regardless of whether they consider the price appropriate. The conversion occurs at market value on a specific date, not at the investor's discretion.

Practical takeaway: when choosing an ETF, consider not only the underlying asset but also the total assets under management. Small funds with hundreds of thousands in assets carry additional closure risk.

This material is informational in nature and is not an investment recommendation.