October 13th 2026, 8:24 PM
SEC Delists Bitwise Dogecoin ETF as Wind-Down Nears Completion
Key Summary
The SEC has filed Form 25 for the Bitwise Dogecoin ETF, marking the final step in the delisting process. The ETF, which was launched in November 2025 with $2.5 million in seed funding, has seen significant outflows, with investors pulling out over $1.3 million since launch. The fund will be liquidated on October 14, 2026, and investors will receive cash distributions on or around October 22, 2026.
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Background
The SEC has filed a Form 25 for the Bitwise Dogecoin ETF, referenced under DOGE. This is the final piece of paperwork needed to pull the fund off an exchange listing.Launch and Liquidation
Bitwise Investment Advisers launched its spot Dogecoin ETF, which trades under the ticker BWOW, on November 26, 2025. The fund started with $2.5 million in seed funding. Early signs looked respectable, with trading volume reaching approximately $3 million during the fund's first week. However, assets under management fell to approximately $688,000 by early September 2026, and stood at $725,870 by October 7, 2026. Investors actively pulled cash out, with total net outflows surpassing $1.3 million since launch.Wind-Down
The final trading day for BWOW is set for October 14, 2026. After that, investors are expected to receive cash distributions on or around October 22, 2026. The ETF held about 8.2 million DOGE at the time of the wind-down, valued at under $700,000.Reason for Delisting
Bitwise CEO Hunter Horsley expressed disappointment over how the product performed. He explained that there was a mismatch between audiences, with people who buy traditional ETFs hesitant to invest in Dogecoin, and those who like Dogecoin not shopping for exchange-traded funds. Horsley also noted that he personally holds DOGE, so the closure does not reflect a verdict on the coin from the top of the company, but rather on whether a regulated fund was the right way to sell it.Impact
The delisting of the Bitwise Dogecoin ETF has practical implications for single-asset crypto funds. A fund charging 0.34% on less than $1 million in assets brings in only a small amount in annual fees, which is unlikely to cover the cost of running a listed product. Seed money can launch a fund, but it cannot keep one alive without follow-on demand. For current BWOW holders, the key dates are October 14, 2026, for the last day of trading, and on or around October 22, 2026, for cash distributions. Anyone still in the fund should expect cash back rather than DOGE.#SEC#US#Crypto#ETF