Bitwise’s Dogecoin ETF Faces Liquidation as CEO Calls Outcome ‘Tragic’

Bitwise Chief Executive Officer Hunter Horsley called the failure of the firm’s spot Dogecoin ETF “tragic.”

The weak performance of the Dogecoin ETF underscored the gap between ETF investors and users of crypto apps, Horsley said at Digital Asset Summit 2026 Asia, according to an Oct. 8 report by The Block.

Bitwise Dogecoin ETF (BWOW) listed on NYSE Arca in November last year, but is now entering liquidation before reaching its first anniversary. Trading is scheduled to end on Oct. 14, and the fund plans to distribute cash to remaining investors on Oct. 22. Assets under management stood at about $725,870 as of Oct. 7, while September trading volume was just $51,480, according to SoSoValue.

Horsley said he likes Dogecoin and personally owns it. The token has historically lacked practical utility, he said, though it carries symbolic value. As an ETF, however, it failed to deliver results.

ETF investors did not want to put money into Dogecoin, he said, though that could change over time.

By contrast, the Bitwise Solana Staking ETF (BSOL) produced the opposite outcome, amassing $1.3 billion in net assets. Horsley said the staking feature contributed to its success, but investors were ultimately betting on Solana itself.

He added that the trade also reflected expectations that Solana would benefit as asset tokenization and stablecoin use expand across blockchain networks.

Against that backdrop, Bitwise last week launched the spot Near Protocol ETF (NRR), which is based on Near Protocol’s cryptocurrency. Horsley also said the firm plans additional initiatives in AI.

For long-term investment products, he pointed to the Bitwise 10 Crypto Index ETF (BITW) and the Crypto Industry Innovators ETF (BITQ). He described them as solutions that spare investors from having to make their own call on where the market is headed.