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Bitwise to Close Dogecoin ETF as Solana Fund Draws Sustained Inflows
Dogecoin product winds down while Bitwise builds a much larger Solana position
TL;DR
- Bitwise is shutting down its Dogecoin ETF less than a year after launch while its Solana ETF continues to attract recurring investor inflows.
- Trading activity in Dogecoin ETFs remained well below several other altcoin ETF categories after an early launch burst faded.
- Bitwise’s Solana holdings expanded sharply as the fund posted positive flows through most of the latest trading sessions.
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Bitwise is moving in opposite directions across two altcoin exchange-traded products, announcing the closure of its Dogecoin ETF as sustained inflows into its Solana ETF accompanied heavy SOL accumulation. The asset manager said on September 10, 2026, that the Bitwise Dogecoin ETF, ticker BWOW, will be liquidated roughly 10 months after its launch, while Arkham Intelligence data showed Bitwise had acquired $107.4 million worth of Solana over 20 trading sessions.
BWOW is expected to trade for the final time on the New York Stock Exchange on Wednesday, October 14, 2026. Shareholders will be able to sell their positions on the secondary market through that day’s market close. Investors who continue holding the ETF after trading ends are expected to receive the net asset value of their holdings, calculated on October 21, as a cash distribution on October 22, 2026.
Bitwise attributed the decision to its product strategy rather than a technical or regulatory event. “Bitwise has determined to liquidate the Fund as it continues to optimize its product range to meet evolving investor needs,” the firm said.
Dogecoin ETF activity weakened after launch
The first Dogecoin ETF reached the U.S. market in September 2025, while BWOW launched in November 2025. Bitwise’s fund recorded roughly $3 million in daily trading volume during its launch week but did not return to that level afterward.
Dogecoin ETF flows also remained limited later in the product cycle. The category recorded small net outflows in July 2026 before generating about $318,000 of net inflows during August, according to SoSoValue data.
Cumulative trading activity across Dogecoin ETFs totaled approximately $300 million, trailing several other altcoin ETF categories by a wide margin.
Bitwise CEO Hunter Horsley emphasized Dogecoin’s cultural role rather than a conventional fundamental investment case when BWOW launched. “DOGE began as a joke and came to become an icon of the crypto movement. It doesn't purport to transform global capital markets or convince you it has fundamentals or utility,” Horsley said.
Horsley also pointed to the token’s staying power. “And, against the odds, it has kept its relevance—and its value — longer than just about anything else in crypto,” he said.
Dogecoin was trading around $0.084 at the time referenced in the September 10 information, giving it an approximately $13 billion market capitalization. DOGE had fallen out of the cryptocurrency market’s top 10 by market capitalization over the preceding year as HYPE and ZEC rose in the rankings.
Bitwise Solana holdings approach $1 billion
Bitwise’s Solana exposure was moving in the opposite direction. Arkham Intelligence data showed the asset manager accumulated $107.4 million worth of SOL across 20 trading sessions while its Solana ETF received recurring net inflows.
Only two sessions in that period recorded net outflows, leaving 18 positive-flow sessions. That equated to positive flows during approximately 90% of the period, with the inflows characterized as steady but modest rather than concentrated in a single large subscription day.
The accumulation came as investors used recent weakness in SOL price as an entry point into regulated Solana exposure. Bitwise’s total position exceeded 9,030,000 SOL as of Thursday, September 10, with SOL trading at approximately $101 and the holdings valued at roughly $918 million.
The $107.4 million accumulated during the 20-session period represented approximately 11.7% of the $918 million position by value, although the purchases occurred across different trading sessions and could have been executed at varying SOL prices.
Using $101 solely as a reference price, $107.4 million would equal approximately 1.063 million SOL. That calculation does not establish that Bitwise acquired exactly that quantity because no average purchase price for the 20-session accumulation was provided; the confirmed figures are the dollar value of the purchases and the total Solana balance.
Bitwise’s reported SOL holdings were therefore nearing the $1 billion valuation level at the referenced market price. The Solana position’s approximately $918 million value was also more than three times the roughly $300 million in cumulative trading volume recorded across Dogecoin ETFs, although the two figures measure different things: one represents the value of holdings and the other represents trading turnover.
This article has been refined and enhanced by ChatGPT.
