Bitwise Asset Management listed its Bitwise Dogecoin ETF (ticker BWOW) on NYSE Arca, offering exposure to Dogecoin with a management fee of 0.34% and custody handled by Coinbase Custody.
Bitwise, manager with more than $15 billion in assets under management, registered the fund’s market entry under the ticker BWOW on NYSE Arca on 26 November 2025. The product offers institutional and retail investors a regulated way to gain exposure to DOGE without directly owning the token; custody of the underlying assets is entrusted to Coinbase Custody and the structure applies an annual fee of 0.34%. The listing took advantage of the section 8(a) operational framework to expedite the listing.
Two days earlier, on 24 November 2025, Grayscale had launched the first U.S. spot Dogecoin ETF (GDOG) on the same platform, with a day-one trading volume of $1.4 million and net initial flows of zero, marking a modest start despite its pioneering nature. Grayscale also launched an XRP ETF that day, underscoring a broader diversification strategy.
Details of the Dogecoin ETF launch
The arrival of BWOW is part of a broader wave of altcoin-based products. Franklin Templeton obtained NYSE Arca approval for its XRP ETF, XRPZ, with a fee of 0.19%, while Bitwise had previously launched the first U.S. spot Solana ETF on 28 October 2025 with direct exposure to the asset.
Large managers such as VanEck, Invesco and Fidelity appear as potential competitors for future Dogecoin ETFs and other issuers are exploring funds on Cardano and other chains. The regulator, the SEC, maintained a central role and prolonged reviews: the review periods for Bitwise’s and Grayscale’s applications were extended until 12 November 2025, according to the review schedule announced by the managers themselves.
Some firms, including Rex-Osprey, have explored structures under the 1940 Act to bypass the need for traditional regulatory changes in certain cases. In the secondary market, expectations about institutional listing drove an approximate 10% rise in DOGE’s price in the sessions leading up to Bitwise’s debut; the asset faces resistance around $0.20. Analysts have outlined longer-term bullish scenarios, with conditional projections reaching up to $1 or even $5, although those estimates depend on sustained flows and greater institutional participation.
The listing of BWOW confirms the trend toward the institutionalization of altcoins via ETFs and consolidates Coinbase Custody as the custody provider in these launches; competition among issuers and the SEC’s response will define the speed of adoption.
