Bitwise rolls out BWOW amid rising push for Dogecoin ETF

Bitwise Asset Management has launched a new exchange-traded fund tracking Dogecoin, following months of community pressure to have a regulated vehicle associated with the token.

The Bitwise Dogecoin ETF, trading under the ticker BWOW, is set to begin trading on NYSE Arca today following the exchange’s approval of its listing and registration. The launch follows an extended review period by the U.S. Securities and Exchange Commission (SEC), which delayed its decision on the proposal to November 12, 2025.

NYSE Arca certifies listing under the exchange Act of 1934

Under the Exchange Act of 1934, the exchange certified that BWOW was listed and registered on the exchange, as stated in the certification of NYSE Arca. The fund was registered under the terms of the Securities Act of 1933 and aims to track the price performance of Dogecoin.

The underlying assets of the ETF will be kept in Coinbase Custody Trust Company. The approval also allows institutional and retail participants to be exposed to Dogecoin through a controlled exchange, rather than holding the token.

Bitwise affirmed this with a public announcement on X, stating that the trading profile of Dogecoin had reached a level worthy of an investment product that could be bought or sold on conventional exchanges. By November 25, Dogecoin was one of the largest digital assets, with a market capitalization of approximately $22 billion and trading more than $1 billion every day.

Introducing the Bitwise Dogecoin ETF. $BWOW starts trading tomorrow.

We weren’t expecting to launch this product, but the $DOGE community requested, nay demanded, this.

Dogecoin is:
– Seventh-largest crypto asset by market weight (as of 11/25/25)
– $22B market cap
– $1B traded… pic.twitter.com/szf1s72kdl

— Bitwise (@BitwiseInvest) November 25, 2025

Bitwise acknowledged that the ETF was not a first instance, as it was launched in response to the constant pressure from Dogecoin users who favored having an ETF listed. The company has characterized the community’s reaction as ordinary, citing the token’s visibility in retail market trading exchanges. Dogecoin is currently one of the largest crypto assets by market capitalization, having experienced steady demand amid the growth and subsequent decline in digital asset volumes as a whole.

In its disclosures, the firm also repeated the risks associated with BWOW. The ETF has not registered under the Investment Company Act of 1940 and thus is not subject to the regulations that mutual funds and other registered investment products are subject to. Bitwise noted that BWOW exposes an individual to the same risk as holding Dogecoin directly, and the investment is highly volatile, with a risk of significant losses.

The introduction of BWOW follows the entrance of two other funds based on Dogecoin into the market. The Grayscale Dogecoin ETF was introduced earlier in the week, with limited trading on its first full day of trading. In September 2011, Rex-Osprey launched its own DOGE ETF, which is based on a different structure registered under the 1940 Act and is thus actively managed.

Meanwhile, 21Shares is also considering a similar offering and has recently amended its filing with the SEC as part of its effort to expedite approval. Its product was also listed on the DTCC listing system, and this was a positive move towards the possibility of trading.

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