The SEC filed a Form 25 for the Bitwise spot Dogecoin ETF, traded under the ticker BWOW, marking the formal step to delist the fund. The fund, launched on November 26, 2025, with $2.5 million in seed funding, saw its assets under management drop to approximately $725,870 by October 7, 2026, with total net outflows exceeding $1.3 million since launch. The final trading day is scheduled for October 14, 2026, with cash distributions expected around October 22, 2026. Bitwise CEO Hunter Horsley attributed the failure to a mismatch between traditional ETF buyers and Dogecoin enthusiasts, while noting he personally holds DOGE. This case illustrates the economic challenges facing small crypto funds, where a 0.34% expense ratio generates insufficient revenue to cover operational costs when assets fall below $1 million.
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