Dogecoin ETF investors have pulled more than $343 million so far in September.
Crypto asset manager Bitwise is shutting down its spot Dogecoin exchange-traded fund roughly 10 months after the product launched, as the firm moves to optimize its product range to meet changing investor needs.
The fund, BWOW, currently trading on NYSE Arca, is expected to continue trading until October 14, its final trading day.
Investor Demand Dries Up
According to the official press release, investors can sell their shares on the secondary market until trading closes that day, after which BWOW will cease operations. The remaining shareholders will receive the net asset value of their shares as of October 21 in cash on October 22, and Bitwise said investors do not need to take any action during the process.
The firm has also coordinated with NYSE to facilitate the fund’s delisting and liquidation.
Back in November 2025, Bitwise CEO Hunter Horsley had stated,
“DOGE is simply a 12-year-old coin based on a picture of a cute dog, people doing good, and the common ideal in crypto that people should have the freedom to do as they choose. And, against the odds, it has kept its relevance – and its value – longer than just about anything else in crypto.”
Bitwise’s decision comes as the market for spot Dogecoin ETFs struggles to attract steady investor demand. The first DOGE ETF launched in September 2025 and generated significant attention at the time. But the products have since seen limited interest.
Data compiled by SoSoValue revealed that Dogecoin ETFs posted about $318,000 in net inflows last month, reversing the small outflows recorded in July. September has been considerably weaker, however, with more than $343,000 already leaving the funds. The fund saw more money leave than come in. Its lifetime net outflow stood at $1.23 million.
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The past month has been relatively steady for the OG meme coin. It gained nearly 20% over the past month as the broader crypto market rallied. After reaching a recent high of $0.09, though, it slipped back to around $0.084.
Ali Martinez thinks DOGE could be ready for another bounce. The analyst identified a buy signal from the TD Sequential on the asset’s four-hour chart. Martinez said the signal has worked well recently. The last three times it appeared, DOGE went on to rebound 6.96%, then 2.71%, and 11.25%.
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