Bitwise Asset Management has launched the Bitwise Dogecoin ETF (BWOW) on the New York Stock Exchange (NYSE) Arca.
The listing follows months of persistent requests from Dogecoin holders for a regulated investment vehicle linked to the cryptocurrency. The SEC finalized its approval on November 12, 2025, after a lengthy review period.
The Bitwise Dogecoin ETF (“BWOW”) is not suitable for all investors. An investment in BWOW is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. BWOW is not an investment company…
— Bitwise (@BitwiseInvest) November 25, 2025
Bitwise Official X Announcement.
Community demand drives the launch
Bitwise CEO Hunter Horsley explained that the ETF responds directly to Dogecoin’s active user base.
“DOGE began as a joke and became part of the crypto movement,” Horsley said. “Millions of Dogecoin holders have long requested an ETP option, and BWOW provides that access.”
The fund was not planned as part of a long-term strategy. Instead, strong community interest prompted its creation. Dogecoin has maintained a stable position in the market for nearly 13 years, currently ranking seventh among digital tokens, with a market capitalization of around $22 billion and daily trading volumes near $1 billion.
Fund structure and investor notes
BWOW’s underlying assets are held in Coinbase Custody Trust Company, providing secure storage. Investors gain exposure to Dogecoin through the ETF, though Bitwise notes that owning BWOW is not the same as holding the token directly.
The ETF is not registered under the Investment Company Act of 1940, so it does not provide the same investor protections as conventional mutual funds or ETFs. Bitwise cautions that BWOW carries significant volatility, including the potential for substantial losses.
Management fees are set at 0.34%, with the first month waived for the first $500 million in assets.
Expanding Altcoin ETF Market
BWOW is part of a growing wave of altcoin ETFs, which began gaining traction with funds for Litecoin, Hedera, and Solana in late October 2025. These funds have attracted strong interest, reflecting demand for structured access to digital assets beyond Bitcoin and Ethereum.
The ETF follows the recent launch of Grayscale’s GDOG earlier in the week, highlighting momentum in the altcoin investment space. Additional products are being considered by other firms, signaling continued development of regulated vehicles for popular cryptocurrencies.
"DOGE is simply a 12-year-old coin based on a picture of a cute dog, people doing good, and the common ideal in crypto that people should have the freedom to do as they choose. And, against the odds, it has kept its relevance and its value, longer than just about anything else in crypto. Bitwise is launching BWOW because many DOGE holders, a community that numbers in the millions, want the benefit that comes from getting exposure to crypto in an ETP format, and we believe they should have it."
Bitwise CEO Hunter Horsley added.
Dogecoin as a financial asset
Despite its origins as a lighthearted project, Dogecoin has remained relevant in both market activity and cultural presence. Its community has helped establish the token as a widely recognized and traded asset, sustaining demand that now translates into institutional products. BWOW provides a regulated method for participating in Dogecoin markets while maintaining compliance with U.S. financial regulations.
BWOW begins trading on NYSE Arca on November 26, 2025. Early investors enjoy a fee waiver during the first month, after which the standard management fee of 0.34% applies.
Dogecoin traded at $0.1504 at the time of the launch, reflecting modest volatility in line with broader crypto market conditions.
Bitwise manages more than $15 billion across over 30 cryptocurrency products. The launch of BWOW reflects investor interest in diversifying beyond Bitcoin and Ethereum and demonstrates how specialized funds can deliver exposure to high-demand altcoins while operating within regulated frameworks.
Gunel Ismayilova
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