Bitwise Asset Management Unleashes the Bitwise Dogecoin ETF (NYSE: BWOW)

Rhea-AI Summary

Bitwise Asset Management (NYSE:BWOW) launched the Bitwise Dogecoin ETF to trade on NYSE beginning November 26, 2025. Bitwise, with over $15 billion in client assets, said the fund offers ETP exposure to Dogecoin for millions of DOGE holders. Key fund terms: management fee 0.34% with a promotional 0% fee for the first month on the first $500 million. DOGE facts in the announcement: 7th-largest crypto, $22B market cap, ~$1B traded daily, created in 2013. The Fund carries a high degree of risk, may be highly volatile, could result in loss of investment, and is not registered under the Investment Company Act of 1940, so it lacks ETF protections under that act.

Positive

• Provides ETP access to Dogecoin starting Nov 26, 2025
• Bitwise manages over $15 billion in client assets
• Low headline fee of 0.34% with promotional 0% first month on $500M

Negative

• Fund is not registered under the 1940 Act (fewer legal protections)
• Product subject to high volatility and potential complete loss
• DOGE market risks: memecoin status and price sensitivity to sentiment

Insights

ETF Strategist

Launch of a Dogecoin ETP widens retail access and could boost institutional tooling for a large memecoin.

Bitwise is launching the Bitwise Dogecoin ETF under ticker BWOW on November 26, 2025, backed by a firm with $15 billion in client assets.

The Fund charges a management fee of 0.34% with a promotional 0% fee for the first month on the first $500,000,000 of assets, which should lower initial friction for early inflows.

Key dependencies and risks include the Fund's disclosure that it is not registered under the 1940 Act, its high volatility warning, and the structural difference from direct DOGE ownership; these limit substitution for on-chain holdings.

Watch short-term asset flows and the first quarter of trading volume through Q1 2026 to gauge adoption; monitor the promotional cap exhaustion as a milestone affecting net inflows.

Crypto Product Analyst

BWOW formalizes a retail-friendly vehicle for exposure to a top memecoin while highlighting elevated risk and product limits.

Dogecoin is presented as the seventh-largest crypto asset with a $22B market cap, roughly $1B traded daily on centralized exchanges, and a 2013 origin date; the Fund explicitly warns of significant volatility and potential loss.

The product may attract millions of existing DOGE holders by offering an exchange-traded product format, but it is not equivalent to holding the token and lacks certain mutual fund protections.

Concrete items to monitor include initial liquidity and trading spreads on launch November 26, 2025, promotional fee uptake on the first $500,000,000, and any regulatory updates affecting non-1940 Act ETPs over the next 3–6 months.

DOGE is an accidental crypto movement that makes people smile.

SAN FRANCISCO, Nov. 25, 2025 /PRNewswire/ -- Bitwise Asset Management, the global crypto asset manager with over $15 billion in client assets, today announced the launch of the Bitwise Dogecoin ETF (NYSE: BWOW). You're surprised. We're surprised. Much wow, you might say.

"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," said Bitwise CEO Hunter Horsley. "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."

The Bitwise Dogecoin ETF (the "Fund") is not suitable for all investors. An investment in the Fund is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and therefore is not subject to the same protections as ETFs and mutual funds registered under the 1940 Act. An investment in the Fund is not the same as a direct investment in the Dogecoin token ("DOGE").

What is DOGE, the first and largest crypto memecoin?

• Seventh-largest crypto asset¹
• $22B market cap
• $1B traded daily on centralized exchanges
• Created in 2013

The Bitwise Dogecoin ETF will trade on NYSE starting November 26, 2025, under the ticker BWOW. The management fee will be 0.34%, with the fee set at 0% for the first month on the first $500 million in assets.²

About Bitwise
Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 40 crypto investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 4,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 15 banks and broker-dealers. The Bitwise team of over 100 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.

Notes
(1) Source: CoinMarketCap as of November 24, 2025. Seventh-largest by market capitalization.
(2) Brokerage or trading fees may apply.

Risks and Important Information

This material must be accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit bwowetf.com/welcome.

The amount of DOGE represented by a Share will continue to be reduced during the life of the Fund due to the transfer of the Fund's DOGE to pay for the Sponsor's management fee, and to pay for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of DOGE.

There is no guarantee or assurance that the Fund's methodology will result in the Fund achieving positive investment returns or outperforming other investment products.

Investors may choose to use the Fund as a means of investing indirectly in DOGE. Because the value of the Shares is correlated with the value of DOGE held by the Fund, it is important to understand the investment attributes of, and the market for, DOGE.

DOGE Risk. There are significant risks and hazards inherent in the DOGE market that may cause the price of DOGE to fluctuate widely. The Fund's DOGE may be subject to loss, damage, theft or restriction on access. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the DOGE market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Fund's investment strategy.

Liquidity Risk. The market for DOGE is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Fund's NAV and its market price. The lack of active trading markets for the Shares may result in losses on investors' investments at the time of disposition of Shares.

Regulatory Risk. Future and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Fund.

Blockchain Technology Risk. Certain of the Fund's investments may be subject to the risks associated with investing in blockchain technology. The risks associated with blockchain technology may not fully emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.

Nondiversification Risk. The Fund is nondiversified and will hold a single issue. As a result, a decline in the market value of a particular issue held by the Fund may affect the Fund's value more than if it invested in a larger number of issuers.

Recency Risk. The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision.

If the Fund is not profitable, the Fund may terminate and liquidate at a time that is disadvantageous to Shareholders. DOGE is a memecoin that does not aim to provide utility, and, on a relative basis, speculators make up a significant portion of users.

The unlimited supply of Dogecoin may negatively impact the long-term value of Dogecoin, and potentially the integrity of the Dogecoin Network.

Dogecoin was originally considered a "memecoin" and may be subject to even greater levels of volatility than other digital assets. Memecoins are cryptocurrencies inspired by internet memes or trends. Most memecoins have no stated use case or intrinsic value, other than as a digital collector's item.

Bitwise Investment Advisers, LLC serves as the sponsor of the Fund. Foreside Fund Services, LLC serves as the Marketing Agent for the Fund, and is not affiliated with Bitwise Investment Advisers, LLC, Bitwise, or any of its affiliates.

Media Contact:
Tova Kaufmann
pr@bitwiseinvestments.com

View original content:https://www.prnewswire.com/news-releases/bitwise-asset-management-unleashes-the-bitwise-dogecoin-etf-nyse-bwow-302626159.html

SOURCE Bitwise Asset Management

FAQ

When will the Bitwise Dogecoin ETF (BWOW) start trading on NYSE?

The fund will begin trading on November 26, 2025 under ticker BWOW.

What is the management fee for Bitwise Dogecoin ETF (BWOW)?

The management fee is 0.34%, with a 0% fee for the first month on the first $500 million.

How does investing in BWOW differ from holding DOGE directly?

BWOW is an ETP providing exposure to DOGE but is not a direct investment in the token and uses an ETP structure.

Is the Bitwise Dogecoin ETF (BWOW) subject to ETF protections under the 1940 Act?

No. The fund is not registered under the Investment Company Act of 1940 and lacks those ETF protections.

What are the key DOGE metrics cited for BWOW on launch?

DOGE cited as the 7th-largest crypto with a $22B market cap, ~$1B traded daily, created in 2013.

What investor risks did Bitwise highlight for BWOW?

Bitwise warned the fund carries a high degree of risk, significant volatility, and potential total loss of investment.