MarketPR
BWOW, Bitwise Asset Management's Dogecoin ETF ($DOGE), is shutting down less than a year after it opened in November 2025. The fund logged roughly $3 million in trading volume at launch.
It never came close to that level again. That opening print turned out to be the ceiling, and the tape spent the months following confirming it.
A Dogecoin ETF sits in a structurally awkward position: it asks equity investors to take a long-term view on a token whose throughput runs on retail on-chain bursts and social momentum rather than the kind of order book that keeps a fund's volume from collapsing between catalysts.
When the launch curiosity cleared, there was nothing waiting to replace it. The $3 million figure is the only hard number the closure leaves visible, and it matters because Bitwise is not a marginal firm.
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