Bitwise Dogecoin ETF
Bitwise Dogecoin ETF is a U.S.-listed exchange-traded trust that holds Dogecoin and issues shares designed to track the value of that digital asset. The trust is sponsored by Bitwise Investment Advisers and trades on NYSE Arca under the ticker BWOW.
Fiscal year 2025 · change from previous year
Development 2025–2025
Business
Share of revenueShares of the trust designed to track the value of Dogecoin held by the trust.
Customers
The trust is bought by investors who want Dogecoin exposure through a standard brokerage account rather than directly holding the token. Its shares are also used by market participants that create and redeem baskets through authorized participants and liquidity providers. The product is aimed at investors seeking a regulated, exchange-traded wrapper around a single digital asset.
Buy BWOW shares for Dogecoin exposure without managing wallets or private keys.
Use the ETF wrapper for tactical or strategic exposure to Dogecoin in managed portfolios.
Create and redeem shares and support market liquidity around the ETF.
Strategy
The trust’s core strategy is to provide simple, exchange-traded Dogecoin exposure through a traditional brokerage account. It relies on a custody-and-valuation structure built around Coinbase Custody and a third-party pricing benchmark to support daily NAV calculation and share creation/redemption. The structure is intended to reduce the operational burden of direct crypto ownership while keeping the product closely linked to Dogecoin’s market price.
The product proposition depends on shares reflecting the underlying token as closely as possible.
The trust depends on third-party custody and orderly creation/redemption mechanics to function.
A direct-hold structure avoids derivative counterparty complexity and keeps exposure transparent.
Geography
The trust is organized and listed in the United States, with shares traded on NYSE Arca. Its Dogecoin pricing and valuation are tied to U.S.-based reference pricing and U.S.-accessible digital asset markets, while custody is provided by a New York-chartered digital asset custodian. The business is therefore U.S.-centric even though the underlying Dogecoin market is global.
Risks
The trust is exposed to Dogecoin price volatility because its asset base is concentrated in a single digital asset. It also depends on third-party service providers, including the custodian, benchmark provider, and authorized participants, so operational or market-structure disruptions could affect share creation, redemption, or valuation. As with other crypto products, regulatory, custody, and market-liquidity risks are central to the business model.
The trust holds Dogecoin directly, so changes in token price flow straight into NAV and share value.
Exposure: Single-asset exposure
Coinbase Custody safeguards the assets and the trust relies on creation/redemption intermediaries.
Exposure: Third-party service providers
Crypto ETFs and trusts operate in a changing regulatory environment that can affect access and operations.
Exposure: U.S. digital asset regulation
Pricing depends on exchange activity, principal-market selection, and benchmark methodology.
Exposure: Crypto exchanges and benchmark pricing
Accounting
Judgemental itemsThe trust marks Dogecoin to market, so price changes directly affect earnings and net assets.
Impact: NAV and period results
Management uses Coinbase principal-market pricing and CF Benchmarks reference pricing for valuation.
Impact: May create small differences between NAV measures
The 0.34% annual fee is accrued against Dogecoin holdings and reduces net assets.
Impact: Expense recognition and asset balance
Dogecoin received or delivered for share creation/redemption affects holdings and realized gains/losses.
Impact: Asset composition and realized results
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Last updated: 11/08/2026