Bitwise Dogecoin ETF to Close and Liquidate; BWOW to Stop Trading Oct. 15

What happened

Bitwise Investment Advisers, LLC, the sponsor of the Bitwise Dogecoin ETF (ticker BWOW), notified NYSE Arca, Inc. on September 10, 2026 that it has decided to voluntarily close, de-list and liquidate the fund and to withdraw its shares from registration under the Securities Exchange Act of 1934, according to a Form 8-K filed the same day.

The filing states that before market open on October 15, 2026, BWOW shares will stop trading on NYSE Arca and there will be no secondary market for them. Creation of new shares will also cease before market open that day, and secondary market trading will be halted at the same time.

Fund holdings are to be liquidated by October 22, 2026, or shortly thereafter. Once liquidation of the portfolio is under way, the filing says, the fund will not be managed in accordance with its investment objective. Liquidation proceeds are scheduled to be distributed to shareholders on or about October 22, 2026.

BWOW closed at $13.81 on the day of the filing, up 0.34% from the prior close of $13.763, according to the price data provided.

The filing does not state a reason for the decision to close and liquidate the fund.

What happens to shareholders

Shareholders who are still holding BWOW on the distribution date will automatically have their shares redeemed for cash at the fund's net asset value as of the liquidation date. Net asset value is the value of the fund's holdings divided by its outstanding shares, so this redemption pays out the per-share value of the underlying assets rather than a market price set by trading.

The cash is deposited into the cash portion of shareholders' brokerage accounts. The filing states that these distributions are taxable events and that shareholders should consult their tax advisors about potential tax consequences.

What this means

The fund's registration statement lists Common Shares of the Bitwise Dogecoin ETF, traded under the symbol BWOW on NYSE Arca. It is an exchange-traded fund, a pooled vehicle whose shares trade on an exchange like a stock; this particular one tracks Dogecoin.

Item 3.01 of Form 8-K is the item reserved for notice of delisting or failure to satisfy a continued listing rule or standard, or a transfer of listing. A company must file this item when it learns a listed security is being removed from an exchange. In this case the delisting is voluntary: the sponsor, not the exchange, made the decision, and the form is how that decision is disclosed to the market.

The Form 8-K is a current report, the filing a US public registrant uses to disclose material events between its quarterly and annual reports. This one satisfies the reporting obligation created by the sponsor's decision and gives shareholders advance notice of the trading halt, the liquidation date and the distribution date.

The sequence in an ETF liquidation is standard: creations stop so the fund's share count freezes, trading halts so no new buyers enter a fund that is winding down, the portfolio is sold for cash, and that cash is paid out. From the point the portfolio is being liquidated, the fund no longer tries to track its index or meet its stated objective, because the objective is being abandoned along with the fund.

The filing also states that the sponsor notified NYSE Arca it would withdraw the fund's shares from registration under the Securities Exchange Act of 1934, which ends the fund's ongoing public reporting obligations once that withdrawal takes effect.