Bitwise Dogecoin ETF (BWOW) Closed: Timeline and Numbers From SEC Filings

TL;DR. The Bitwise Dogecoin ETF (BWOW) listed on NYSE Arca on 26 November 2025 and stopped trading after the close on 14 October 2026, 322 days later. Bitwise announced the liquidation on 10 September; holders who still had shares were to be paid the fund’s 21 October net asset value in cash, on or around 22 October. The trust launched with $2.5m from a Bitwise affiliate and had $0.47m of net assets on 30 June 2026. Its NAV per share went from $25.00 to $13.42, following the price of dogecoin. Across all holders, about $2.65m went in and $2.05m came out: on average a share was created at $24.07 and redeemed or paid out at $18.68, about 22% less. In the SEC filings we searched, BWOW is the second US spot crypto ETF to close since January 2024; Hashdex Bitcoin ETF (DEFI) closed two months earlier.

What happened to the Bitwise Dogecoin ETF

BWOW was a spot dogecoin ETF: a Delaware trust whose only investment was DOGE, kept by Coinbase Custody, with Bitwise Investment Advisers as sponsor. It was one of three single-asset spot Dogecoin ETFs registered under the Securities Act of 1933, next to Grayscale’s GDOG and 21Shares’ TDOG. The trust began operations on 25 November 2025 and its shares started trading on NYSE Arca the next day, according to its annual report.

On 10 September 2026 Bitwise filed a Form 8-K saying it had notified NYSE Arca of its decision to “voluntarily close, de-list and liquidate” the fund. The press release attached to the filing gives the reason in one line: Bitwise was liquidating the fund “as it continues to optimize its product range to meet evolving investor needs.” The filings say nothing more about why, and neither do we.

The release also set the dates. Creations stopped before the market opened on 15 October. 14 October was the last trading day, and the trust converted its dogecoin to cash that day. Holders who still owned shares after the close were to receive the net asset value of those shares as of 21 October, in cash, on or around 22 October. They didn’t need to do anything to be paid, and the 8-K notes that the cash distribution is a taxable event.

Timeline from SEC filings

Each document in the table opens on SEC EDGAR. The same filings, in order, are on our BWOW filing history page.

BWOW in numbers

Figures to 30 June 2026 come from the audited annual report and the first-quarter and second-quarter reports. There’s no quarterly report for July to September, so the later rows use the daily net assets, NAV and share count Bitwise published for the fund, which our tracker stored from 21 August 2026.

The reports give the total return at NAV for each period: −23.16% from 25 November to 31 December 2025, −21.34% in the first quarter of 2026 and −21.64% in the second, or −38.37% for the first half.

Where the money came from and where it went

An ETF grows when shares are created and shrinks when they’re redeemed. BWOW did both in baskets of 10,000 shares, and its history splits into a busy first two months and a long quiet stretch.

The launch: $2.5m from a Bitwise affiliate

The first money in came from Bitwise’s side. On 25 November 2025 Bitwise Investment Manager, an affiliate of the sponsor, bought the first 100,000 shares, the seed baskets, for $2,500,000, or $25.00 a share. (Bitwise Asset Management had bought eight seed shares for $200 on 3 November and redeemed them the day the baskets were bought.) According to the 10-K, those 100,000 shares were the only ones the trust sold through 12 March 2026.

The 10-K also says no one was known to own more than 5% of the shares on 31 December 2025. With 60,000 shares outstanding, the affiliate can’t have held more than 3,000 of them by the year-end.

Redemptions in December and January

Authorised participants redeemed 40,000 shares in December 2025 at an average of $24.32 and 20,000 in January 2026 at $20.35, according to the redemption tables in the 10-K and the first-quarter 10-Q. In dollars that’s $972,554 for 2025, including the $200 of seed shares, and $406,971 for the first quarter. From February to June nothing was created or redeemed, so the fund went into the summer with 40,000 shares.

August to October 2026

Bitwise’s daily data show one more creation and one more redemption. The count rose from 40,000 to 50,000 shares on 24 August, about $146,000 at that day’s NAV, and fell back to 40,000 on 13 October, about $139,000. The last 40,000 shares were paid out in the liquidation. For the Dogecoin ETFs still trading, the day-by-day flows are on the Dogecoin ETF flows tracker.

Why NAV per share fell: the fund held only dogecoin

BWOW’s NAV moved with dogecoin because dogecoin was all the trust owned. A share stood for about 164 DOGE from start to finish. Dividing the holdings in the schedules of investment by the shares outstanding gives 164.30 DOGE per share on 31 December 2025, 164.19 on 31 March and 164.05 on 30 June. The small decline is the sponsor fee, which the trust paid by transferring dogecoin to Bitwise each month.

What changed was the price. In 2025 the trust bought 16.43m DOGE for $2,501,750, about $0.152 a coin, according to the second-quarter 10-Q. By the end of June the same schedules valued its dogecoin at $0.072.

What all holders got back, taken together

Adding up every dollar that went into the trust and every dollar it paid out gives the combined result for everyone who held BWOW at some point: the Bitwise affiliate that bought the seed, the authorised participants that created and redeemed shares, and investors who bought on the exchange. Trades between them on NYSE Arca only move money from one holder to another, so they drop out of the sum.

Taken together, holders paid in about $2.65m and got back about $2.05m. The $0.59m gap, 22% of the money paid in, is their combined loss. Sponsor fees reported through 30 June add up to $1,282, so nearly all of the gap reflects the fall in dogecoin’s price while the money was in the trust.

On average: in at $24.07, out at $18.68

Over its life the trust issued 110,000 shares, leaving aside the eight seed shares that went in and out at $25: the 100,000 seed shares in November 2025 and 10,000 more in August 2026. All 110,000 came back through redemptions or the final payout. Per share, they went in at an average of $24.07 and came out at $18.68, about 22% less. That’s the result for the average share across all holders, not for any one investor.

The result period by period

The fund’s reports show the same loss from the other side, as the change in net assets from operations: everything except creations and redemptions, which means the change in the value of the dogecoin held, gains and losses on coins sold for redemptions, and the fee.

The total matches the gap between the money paid in and paid out. Most of the loss, about two-thirds, came in the first five weeks, when the fund was at its largest and dogecoin fell from about $0.152 to $0.117 per coin.

The filings don’t show how the loss was split among holders, including how much of it fell on the affiliate that bought the seed. Results depended on when each holder bought. At NAV, a share bought at the $25 launch price and held to the end returned $13.42, about −46%. One bought at the 30 June NAV of $11.84 returned about +13%, and one bought at the 22 September NAV of $16.40 about −18%. Real outcomes also depend on the market price paid, which can differ slightly from NAV, and on trading costs.

What the fund cost and what Bitwise received

BWOW charged a unitary sponsor fee of 0.34% a year, accrued daily on its dogecoin and paid to Bitwise in DOGE monthly. In return the sponsor paid the trust’s normal operating expenses, so the fee was its only ordinary expense, the 10-K says. For the first month after listing, through 25 December 2025, Bitwise waived the fee on the first $500m of assets, which covered the whole fund.

The reports put the fee at $532 for 2025, of which $465 was waived, leaving $67. It was $684 in the first quarter of 2026 and $531 in the second, with no waivers. That’s $1,282 net through 30 June 2026. No report covers July to October.

Was BWOW the first US spot crypto ETF to close?

No. In the SEC filings we searched, the first was Hashdex Bitcoin ETF (DEFI), a NYSE Arca fund that had held mostly spot bitcoin since March 2024, according to its 10-Q. Hashdex announced the closure on 3 August 2026; the fund had about $14.7m of assets on 30 July. Its last trading day was 17 August, and on 24 August Hashdex reported that it had sold the fund’s bitcoin and paid shareholders in cash.

How we searched: we ran EDGAR full-text searches of 8-K filings from 1 January 2024 to 26 October 2026, pairing phrases sponsors use when a fund closes, such as “plan of liquidation”, “de-list and liquidate” and “liquidating distribution”, with the names of 22 crypto assets. We also checked every crypto trust in our ETF filings tracker for Form 25 delisting notices since January 2024. Only DEFI and BWOW turned up as fund closures. The other matches were mining and crypto treasury companies, standard termination clauses in trust agreements, and the 2024 sale of the over-the-counter Osprey Bitcoin Trust to Bitwise’s bitcoin ETF.

Two limits apply. Full-text search only finds the wording it’s given, and we didn’t cover funds registered under the Investment Company Act of 1940, which include most leveraged and futures-based crypto ETFs; those funds announce closures in prospectus supplements rather than 8-Ks. If you know of a closure we missed, tell us and we’ll correct this page.

The Dogecoin ETFs still trading

Two single-asset spot Dogecoin ETFs remain. On 23 October 2026 they held about 164m DOGE between them, roughly 0.1% of the dogecoin in circulation, worth $12.99m.

Listing dates and fees come from each fund’s second-quarter 10-Q (GDOG, TDOG); net assets come from the sponsors’ published daily data. GDOG isn’t new: Grayscale ran it as a trust before it listed on NYSE Arca, and cut its fee from 2.5% to 0.35% on listing day. The crypto ETF holdings page tracks how much DOGE the two funds hold, and our Dogecoin ETF explainer covers how they work.

How we put these numbers together

Figures to 30 June 2026 are taken from BWOW’s 10-K and 10-Q filings: the statements of assets and liabilities, operations and changes in net assets, the schedules of investment, the notes and the redemption tables. Dates and the payout basis come from the 8-K and press release of 10 September 2026, the Form 25 and Form 25-NSE notices and the fund’s website. For 21 August to 21 October 2026 we use the daily net assets, NAV and shares outstanding that Bitwise published for the fund, which our collector stored each business day; the August creation and October redemption are 10,000 shares times that day’s NAV, so they’re approximate. DOGE per share, value per DOGE, the average prices per share (dollars in or out divided by the 110,000 shares) and the totals are our arithmetic on those figures; the July–October result is the change in net assets less that creation and redemption. Nothing here is investment advice.

FAQ

Sources and further reading

• Bitwise Dogecoin ETF, Form S-1 (28 January 2025), sec.gov.
• Form 8-A12B and NYSE Arca certification (25 November 2025), sec.gov and sec.gov.
• Prospectus, Form 424B3 (26 November 2025), sec.gov.
• Annual report, Form 10-K for 2025 (20 March 2026): seed baskets, creations, redemptions, net assets, fee waiver, schedule of investment, 5% holders, sec.gov.
• Quarterly report, Form 10-Q for Q1 2026 (8 May 2026), sec.gov.
• Quarterly report, Form 10-Q for Q2 2026 (12 August 2026), sec.gov.
• Form 8-K and press release on the liquidation (10 September 2026), sec.gov and sec.gov.
• Form 25, withdrawal from listing (13 October 2026), sec.gov.
• Form 25-NSE, NYSE Arca delisting (22 October 2026), sec.gov.
• Bitwise Dogecoin ETF website: liquidation notice, daily NAV, net assets and shares outstanding, bwowetf.com.
• Hashdex Bitcoin ETF: Form 8-K and press release on the closure (3 August 2026), sec.gov; amended 8-K/A with the distribution date (12 August 2026), sec.gov; 8-K on the sale of assets and cash distribution (24 August 2026), sec.gov; 10-Q on the 2024 switch to spot bitcoin (12 August 2026), sec.gov.
• Grayscale Dogecoin Trust ETF, Form 10-Q for Q2 2026: listing date and fee, sec.gov. 21Shares Dogecoin ETF, Form 10-Q for Q2 2026, sec.gov.
• On cryptoetf.today: BWOW filing history, Dogecoin ETF flows, crypto ETF holdings, GDOG and TDOG.