Bitwise CEO Calls Dogecoin ETF Failure 'Tragic,' Says It Reveals Gap Between Investors

Dogecoin ETF shuts down with under $1 million in assets

Bitwise's spot Dogecoin ETF (BWOW) is closing after trading ends on October 14, less than a year after it launched on the NYSE in November 2025. According to SoSoValue data, the fund held about $725,870 in total assets as of October 7 and recorded only $51,480 in monthly trading volume during September.

CEO Hunter Horsley called the shutdown "tragic" but said it highlights a clear divide between two groups of investors: those who buy crypto through traditional ETFs and those who use crypto brokerage apps directly.

"The users of ETFs just didn't want to put money into Dogecoin," Horsley told The Block at the Digital Asset Summit 2026 Asia. He added that interest could change over time, but rejected the idea that Bitwise had targeted the wrong audience. He described crypto ETFs as a conduit, not a mismatched product.

Key numbers from the shutdown

• Total assets under management: approximately $725,870 as of October 7
• Monthly trading volume in September: $51,480
• Launch date: November 2025
• Closing date: October 14, 2026

What Horsley said about Dogecoin and investor behavior

Horsley said he personally likes and owns Dogecoin. He described it as "authentic to what it is" and noted that while the token has been historically "useless," it "stands for something" and is a reasonable asset. But he admitted the ETF version "went nowhere."

He emphasized that the failure does not mean Dogecoin itself has no value, but rather that the ETF buyer demographic does not align with interest in the meme coin.

Bitwise's other ETF efforts

Not all of Bitwise's recent ETF launches have struggled. Its Solana Staking ETF (BSOL) has attracted $1.3 billion in net assets, which Horsley credited partly to its staking feature and partly to investor interest in Solana as a platform for tokenization, stablecoins, and onchain vaults.

Bitwise also launched its spot NEAR ETF (NRR) earlier in October, the first fund tracking NEAR Protocol's native token. The protocol includes a feature called NEAR Intents that lets users or AI agents swap and send assets across blockchains without manually moving coins through a bridge.

Bitwise's growing AI focus

Horsley said the company is prioritizing AI-related products, calling crypto and AI "cut from the same cloth" because both aim to rebuild traditional systems through software. He said that as AI advances, its preferred financial system will rely on smart contracts rather than traditional banking.

Public filings show Bitwise submitted two AI-related ETF applications: the Bitwise AI Cyber Defense ETF in August and the Bitwise AI Bond ETF in September. The company plans further moves in the space, Horsley said.

What is confirmed

• Bitwise's Dogecoin ETF (BWOW) is closing after October 14, 2026.
• The fund had approximately $725,870 in assets and $51,480 in September trading volume.
• CEO Hunter Horsley stated the failure revealed a gap between ETF buyers and crypto-app users.
• Bitwise has filed applications for an AI Cyber Defense ETF and an AI Bond ETF.
• Bitwise's Solana Staking ETF holds $1.3 billion in net assets.
• Bitwise launched its NEAR ETF in early October 2026.

Why the ETF-buyer versus crypto-app-user gap matters

The split suggests that traditional investment channels may not be the right vehicle for certain types of crypto assets, at least in their current form. Assets like Dogecoin, which are popular among retail crypto users, may need to be accessed through different products or platforms to attract capital.

What investors are hearing from Horsley

When asked about a five-year investment horizon, Horsley recommended two of Bitwise's index funds: the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise Crypto Industry Innovators ETF (BITQ). He said they are designed to adapt as the market changes, automatically adjusting their holdings over time.

What happens next

BWOW trading will end on October 14. Bitwise is moving forward with its AI-focused ETF applications and continues to develop products around emerging crypto sectors like NEAR Protocol and Solana staking.

Sources

• The Block