NYSE Arca’s filing marked an early step in Bitwise’s effort to bring Dogecoin into the U.S. ETF market. The proposal sought to give investors DOGE exposure through a listed fund instead of requiring them to buy and store the coin themselves.
The exchange recently filed a 19b-4 rule change with the SEC. The proposed fund would use cash creations and redemptions. Bitwise had also filed an S-1 registration statement in January 2025.
The plan later changed. The SEC withdrew the original NYSE Arca filing on September 30, 2025. Bitwise then launched the Bitwise Dogecoin ETF under the ticker BWOW in November 2025. This meant the company still reached the ETF market, but through a later stage of the process.
Dogecoin moved from filing to a live ETF
The original filing came as the SEC was reviewing several crypto ETF proposals. On February 13, the agency acknowledged Grayscale’s application for its Dogecoin Trust. That filing was also later withdrawn in September 2025.
The Dogecoin ETF race did not end there. Grayscale launched its own Dogecoin ETF, GDOG, on NYSE Arca in November 2025. Bitwise’s BWOW also began trading around the same time, giving U.S. investors more than one listed route to DOGE exposure.
Other crypto assets were also moving through the SEC process. On February 24, the SEC acknowledged NYSE Arca’s filing for a spot Cardano ETF. These filings showed that asset managers were testing demand for funds linked to crypto assets beyond Bitcoin and Ethereum.
Nasdaq joined the push as well. On March 3, the exchange filed for the Grayscale Hedera Trust, which tracks HBAR. This followed a similar Nasdaq filing for a Canary Capital Hedera ETF.
BWOW now faces a different test
Launching an ETF solved only one part of the problem. The bigger test is whether enough investors keep using the product. Bitwise announced in September 2026 that it would close and liquidate BWOW as it reviews its ETF range and investor demand.
The fund is expected to stop trading on October 14, 2026. Shares will then be delisted, and remaining shareholders are expected to receive cash based on the fund’s value after liquidation.
That outcome gives the original filing a very different meaning. The proposal helped open the door for a Dogecoin ETF, but a regulated product still needs steady demand to remain on the market. Easy access does not automatically create lasting investor interest.
Dogecoin’s ETF story also shows how quickly crypto products can change. DOGE moved from a meme-based asset to a listed investment product, but the planned closure of BWOW shows that getting an ETF launched is not the same as building a lasting fund.
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