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.

— Bitwise Dogecoin ETF
%
Exchange-traded Dogecoin exposure100% Shares of the trust designed to track the value of Dogecoin held by the trust.

The trust is bought by investors who want Dogecoin exposure through a standard brokerage account rather than directly...

  • Retail brokerage investorsprimary

    Buy BWOW shares for Dogecoin exposure without managing wallets or private keys.

  • Institutional allocatorssecondary

    Use the ETF wrapper for tactical or strategic exposure to Dogecoin in managed portfolios.

  • Authorized participants and liquidity providersprimary

    Create and redeem shares and support market liquidity around the ETF.

The trust is organized and listed in the United States, with shares traded on NYSE Arca...

  • •United States is the listing and operating base
  • •NYSE Arca is the exchange venue for BWOW shares
  • •Dogecoin valuation uses U.S. dollar reference pricing
  • •Custody is provided by Coinbase Custody in New York
  • •Underlying Dogecoin trading is sourced from global exchanges

The trust’s core strategy is to provide simple, exchange-traded Dogecoin exposure through a traditional brokerage...

01
Maintain tight tracking to Dogecoin spot valueshort-term

The product proposition depends on shares reflecting the underlying token as closely as possible.

02
Preserve secure custody and operational integrityshort-term

The trust depends on third-party custody and orderly creation/redemption mechanics to function.

03
Keep the product simple and non-derivativemedium-term

A direct-hold structure avoids derivative counterparty complexity and keeps exposure transparent.

The trust is exposed to Dogecoin price volatility because its asset base is concentrated in a single digital asset...

high

Dogecoin market volatility

The trust holds Dogecoin directly, so changes in token price flow straight into NAV and share value.

Scope
Single-asset exposure
Materiality
high
high

Custody and operational dependence

Coinbase Custody safeguards the assets and the trust relies on creation/redemption intermediaries.

Scope
Third-party service providers
Materiality
high
high

Regulatory and product-structure risk

Crypto ETFs and trusts operate in a changing regulatory environment that can affect access and operations.

Scope
U.S. digital asset regulation
Materiality
high
medium

Digital asset market structure and liquidity

Pricing depends on exchange activity, principal-market selection, and benchmark methodology.

Scope
Crypto exchanges and benchmark pricing
Materiality
medium
Fair value measurement of Dogecoin
NAV and period results
Principal market and benchmark pricing
May create small differences between NAV measures
Sponsor fee accrual
Expense recognition and asset balance
Creation and redemption accounting
Asset composition and realized results

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: 11/08/2026