Bitwise CEO Points Out Dogecoin ETF Failure Reflects User Differences

Bitwise CEO Hunter Horsley stated at the Digital Asset Summit 2026 Asia that the failure of the Bitwise spot Dogecoin ETF is "tragic," highlighting the differences between spot ETF users and cryptocurrency brokerage app users. The Bitwise Dogecoin ETF (BWOW) was listed on the NYSE in November 2025 and is set to close less than a year after its launch, with trading ceasing after October 14. As of October 7, the fund managed approximately $725,900 in assets, with a trading volume of $51,500 in September. Horsley mentioned that he likes and holds Dogecoin, considering it a useless token but one that represents something and is a reasonable asset; however, it has shown no progress as an ETF. He believes ETF users are not inclined to invest money in Dogecoin, though this may change over time; he denied that Bitwise targeted the wrong audience and described cryptocurrency ETFs as a channel. In contrast, he expressed more confidence in the success of the Bitwise Solana Staking ETF (BSOL), stating that its pioneering staking feature contributed to its success, but the $1.3 billion in net assets ultimately reflects a bet on Solana. Horsley also mentioned that AI is one of Bitwise's current focuses, stating that cryptocurrency and AI originate from the same source, with the former reconstructing financial services as software and the latter enabling machines to perform tasks previously done by humans.

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