As Bitwise’s spot Dogecoin ETF prepares to close before completing its first year, the company CEO explained the difference between traditional fund investors and crypto users.
Dogecoin, one of the most well-known assets in the cryptocurrency community, failed to attract the expected interest in the exchange-traded fund market. Bitwise CEO Hunter Horsley described the failure of the company’s spot Dogecoin ETF as “tragic,” saying the results highlighted a stark divide between two distinct investor groups.
The Bitwise Dogecoin ETF, traded on the NYSE under the ticker symbol BWOW, was launched in November 2025. However, the fund’s trading volume and the amount of assets it manages have remained quite low over time. As of October 7th, the fund’s total assets were approximately $726,000, while its trading volume in September was only around $51,000. The fund is scheduled to close for trading on October 14th.
According to Horsley, users showing interest in Dogecoin through crypto apps and traditional investors buying ETFs don’t have the same expectations. The reluctance of ETF investors to take DOGE positions, despite the large community on crypto exchanges, demonstrates that popularity doesn’t translate into demand for every financial product.
The picture is quite different for Bitwise’s Solana staking ETF. The company’s fund, coded BBSOL, has reached approximately $1.3 billion in net assets. Horsley stated that this interest stems not only from staking returns but also from the expectation that tokenization, stablecoins, and on-chain finance activities will grow on Solana.
The difference that emerges carries an important message for altcoin ETFs. Strong community or social media popularity doesn’t automatically mean traditional investors will pour capital into the product. Funds need a use case, growth story, or revenue model that investors can understand in order to generate sustained demand.
While Dogecoin’s cultural influence in the crypto market continues, the BWOW example demonstrated that this influence alone is not sufficient in the ETF channel.
*This is not investment advice.
