Bitwise has closed its Dogecoin ETF about 10 months after launch after the fund raised $687,713 by September 9, with the product set to be liquidated and cash returned to investors.

The fund’s closure follows a short operating life and limited capital formation. According to the available details, the ETF had raised $687,713 by September 9. Bitwise is liquidating the vehicle and returning cash to investors.

The development has renewed debate over whether memecoin-based ETFs can attract sustained demand in regulated markets. Analysts cited in the report drew a distinction between funds tied to meme assets and products linked to blockchain networks seen as having stronger fundamentals or clearer utility.

The report said three major U.S. Dogecoin funds gathered just over $12 million over 10 months, while XRP-based funds brought in $12,290,000 in a single day on September 9. It also said Dogecoin funds posted net outflows in 83 percent of 199 trading days. By contrast, XRP and Solana funds were described as drawing stronger interest since launch, with inflows of $1.7 billion and $1.36 billion, respectively.

Part of the argument against a Dogecoin ETF, as presented in the report, is that regulated stock-market access does not solve an obvious market-access problem for the token itself. Dogecoin has long been widely traded and liquid, reducing one of the usual reasons investors use an ETF wrapper to gain exposure to a harder-to-access asset.

Why It Matters

The closure matters because it offers a clear read on where regulated crypto demand may be weakest. Crypto ETF expansion has often been framed as a broadening of institutional access, but this case suggests that access alone does not guarantee adoption when the underlying asset lacks a stronger fundamental case for traditional investors.

It also sharpens the market’s distinction between different altcoin narratives. Products tied to payments, smart-contract platforms, or other more established crypto themes may be better positioned to gather assets than funds built around meme-driven attention. For issuers, that has direct implications for product selection, launch timing, and how far the ETF format can stretch beyond the largest or most institutionally legible digital assets.