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An exchange-traded fund sustains itself only if its asset base generates enough fee revenue to cover fixed costs: custody, exchange listing, annual audit, and regulatory compliance.
BWOW, Bitwise's Dogecoin-linked ETF, ran below that line, holding about $688,000 in net assets as of September 9, and Bitwise is now winding the product down less than a year after launch.
The $688,000 net asset figure reflects Dogecoin ($DOGE) exposure that never attracted sufficient capital to keep the fund above its operating cost floor.
Trading in BWOW is expected to end October 14, with cash payouts to remaining shareholders expected around October 22.
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