Key Highlights
- Bitwise launched the Dogecoin ETF (BWOW) on NYSE Arca on November 26, 2025.
- The ETF lets investors access Dogecoin without holding the coin directly.
- The fund is risky and volatile, with a 0.34% management fee (waived for the first month on $500M).
Bitwise Asset Management has launched a new Dogecoin exchange-traded fund (ETF) under the ticker BWOW, now trading live on NYSE Arca. The product was approved by the exchange after a review by the U.S. Securities and Exchange Commission (SEC), which delayed its decision until November 12, 2025.
The ETF lets investors access Dogecoin without directly owning the token. The assets itself will be held at Coinbase Custody Trust Company.
Community demand drives the launch
Bitwise said the launch was driven by months of community requests for a regulated investment option for Dogecoin. The company responded to “real and persistent demand” from holders who wanted a fund to trade on conventional exchanges.
“DOGE began as a joke and became an icon of the crypto movement. It doesn’t claim to transform capital markets or offer deep fundamentals. It’s a 12-year-old coin built on a picture of a dog and the belief that people should be free to do what they want,” said Bitwise CEO Hunter Horsley in a press release.
How the fund works and its risks
BWOW is registered under the Securities Act of 1933, but it is not registered under the Investment Company Act of 1940. This means it does not have the same investor protections as typical mutual funds or ETFs.
The firm warned that holding BWOW carries the same risks as holding Dogecoin itself, including high volatility and the potential for significant losses. The fund will charge a 0.34% management fee, but the fee is waived for the first month on the initial $500 million in assets.
Dogecoin’s market presence and related ETFs
Dogecoin remains one of the largest cryptocurrencies, with a market capitalization of $23 billion, according to data from CoinMarketCap. The token is currently trading at $0.15, up 2.51% today.
The coin started as a meme with a Shiba Inu dog and became famous when billionaire Elon Musk frequently mentioned it online. Dogecoin has outlasted hundreds of altcoins and maintains a strong community of supporters.
With the launch, Bitwise’s ETF joins other Dogecoin funds, including Grayscale Dogecoin ETF and REX-Osprey DOGE ETF, which use different structures. Recently, new altcoin ETFs, such as those for XRP and Solana, have started to gain attention as Bitcoin-focused funds face challenges.
Also Read: KuCoin Partners with Ceffu for Asset Security and Compliance
