Bitwise to close Dogecoin ETF BWOW after low investor interest

Bitwise is closing its Dogecoin ETF, BWOW, after investors favored competing products. The fund will stop trading on NYSE Arca on Oct. 14 and be liquidated the following week, less than 11 months post-launch. Share creation will cease before trading opens on Oct. 15, with remaining investors expected to receive cash based on the fund's net asset value around Oct. 22. The US Dogecoin ETF market has seen modest capital inflows, with cumulative net inflows of about 12 million dollars and roughly 11.83 million dollars in assets. BWOW accounts for only about 700,000 dollars of those assets and has experienced approximately 1.23 million dollars in cumulative net outflows. Investor activity in BWOW was minimal, with only three days of non-zero daily net flows since launch. BWOW did not register an inflow until Aug. 24, when about 146,000 dollars entered the fund, following withdrawals of roughly 972,000 dollars and 406,000 dollars on previous dates. In contrast, Grayscale's Dogecoin Trust ETF, GDOG, attracted about 11.7 million dollars in net inflows, while 21Shares' TDOG garnered around 1.63 million dollars. Despite BWOW's lower expense ratio of 0.34%, it struggled to compete with established rivals. BWOW's closure highlights the challenges faced by new entrants in a market dominated by incumbents.