Crypto asset manager Bitwise launched its Dogecoin exchange-traded fund on Wednesday, listing the product on the New York Stock Exchange under branding that features the familiar cartoon dog.
In a statement on the launch, Hunter Horsley, Bitwise’s chief executive, said Dogecoin holds an unusual place in the market. “DOGE started as a joke and then became a symbol of the crypto movement,” Horsley said.
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Dogecoin makes no grand promises. It does not pretend to rebuild the world of finance. And it does not sell itself as a project with deep economics or complex technology.
DOGE is a 12-year-old coin built on a cartoon dog, online jokes, people doing good, and the simple idea that users should be free to spend their money how they like.
Despite that, Dogecoin has grown into one of the largest names in crypto. It now ranks as the ninth-biggest digital asset by market value, sitting at around $23Bn. Interest surged after Tesla chief Elon Musk repeatedly posted about Dogecoin on social media.
Those posts helped push the coin far beyond its meme roots and into mainstream conversation.
In 2025, Dogecoin received another boost after Musk and entrepreneur Vivek Ramaswamy were chosen to lead a U.S. government unit called the Department of Government Efficiency, shortened to DOGE.
Since then, the price has retreated to roughly $0.15. Earlier this week, Reuters reported that the department had been wound down earlier than planned.
The Bitwise Dogecoin ETF, trading as BWOW, is entering a market that’s already crowded. The Grayscale Dogecoin ETF launched earlier in the week. The REX-Osprey DOGE ETF has been trading since September. That fund uses a different setup because the Investment Company Act of 1940 sets the rules for pooled investment products in the United States. Grayscale’s fund, listed as GDOG, logged about $1.4M in trading volume on its first day.
Eric Balchunas of Bloomberg called the start “solid for an average launch but low for a ‘first-ever spot’ product,” and said the result was “not too surprising.”
Approval for Bitwise’s listing came on Tuesday. NYSE Arca, part of NYSE Group, certified the fund ahead of its debut.
Regulatory filings show the ETF aims to track Dogecoin’s price. The assets will be held by Coinbase Custody Trust Company, LLC.
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A long-term Dogecoin chart shared by crypto analyst Bark points to what he describes as the start of another high-volatility phase for the memecoin, echoing moves seen in past market cycles.