New York – Bitwise Asset Management officially launched its Bitwise Dogecoin ETF (BWOW) on the New York Stock Exchange today, November 27, 2025, marking a significant step for the 12-year-old meme coin in traditional finance. The move aims to provide millions of Dogecoin holders with regulated exposure to the cryptocurrency, which boasts a $22 billion market capitalization and approximately $1 billion in daily trading volume. Bitwise stated its intention is not to persuade investors to buy DOGE, but rather to offer an Exchange Traded Product (ETP) for one of crypto's most iconic symbols.
Bitwise CEO Hunter Horsley emphasized the firm's response to persistent community demand, noting that Dogecoin has maintained its relevance longer than most other cryptocurrencies. "Why? $DOGE is the OG meme coin, a 12-year-old token based on a picture of a cute dog, people doing good, and the lighthearted side of crypto," Bitwise announced on social media. The company acknowledged the surprising nature of the launch, stating, "You’re surprised, we’re surprised!"
Despite its meme origins, the BWOW ETF carries significant risks, as Bitwise highlighted that it is not suitable for all investors due to high volatility and the potential for total loss. The fund is not registered under the Investment Company Act of 1940, meaning it lacks some investor protections found in traditional ETFs. Holding BWOW is explicitly stated not to be equivalent to direct Dogecoin ownership.
The launch places BWOW in a competitive landscape, joining other Dogecoin-based funds like Grayscale's GDOG ETF and REX-Osprey DOGE ETF, which have already begun trading. Bitwise aims to attract investors with a competitive strategy, including a promotional 0% management fee for the first month on the initial $500 million in assets. Coinbase Custody Trust Company will serve as the custodian for the ETF's underlying Dogecoin assets.