Bitwise CEO says Dogecoin ETF failure shows gap between ETF and crypto-app users

Bitwise CEO Hunter Horsley said the failure of the company's spot Dogecoin ETF highlights a gap between ETF buyers and crypto brokerage app users. Horsley described the failure as "tragic" during an interview at Digital Asset Summit 2026 Asia. The Bitwise Dogecoin ETF (BWOW) launched on the NYSE in November 2025. The fund is closing less than a year after listing, with trading set to end after October 14. SoSoValue data showed around $725,870 in total assets under management as of October 7. SoSoValue data showed monthly trading volume of $51,480 in September.

Horsley said he likes and owns Dogecoin. Horsley described Dogecoin as historically useless but authentic, standing for something and therefore a reasonable asset. Horsley said ETF users did not want to invest in Dogecoin, although that may change over time. Horsley rejected the idea that Bitwise targeted the wrong audience and described crypto ETFs as a means of connecting investors to crypto assets.

Horsley said the Bitwise Solana Staking ETF (BSOL) benefited from its staking feature, which was the first of its kind. However, Horsley said the fund's $1.3 billion in net assets ultimately represented a bet on Solana. Horsley said buyers view Solana as a beneficiary of tokenization, stablecoins and vaults moving onchain. Horsley said Bitwise's job is to identify opportunities investors want to participate in and build useful products for those opportunities.

Bitwise is prioritizing AI. Horsley said crypto rebuilds financial services as software, while AI allows machines to perform tasks previously done by people. Horsley said advancing AI will prefer smart contracts available in milliseconds over bank tellers.

Bitwise launched the Bitwise NEAR ETF (NRR) last week, the first spot fund tracking NEAR Protocol's native cryptocurrency. NEAR Intents allows users or AI agents to swap and send assets across chains without moving the coins through a bridge themselves. Horsley said NEAR Intents has been growing and investors can expect further growth as agents gain more financial abilities. Horsley said several factors could explain NRR's outperformance. Horsley agreed that growing interest in the intersection of crypto and AI is among those factors.

Horsley said Bitwise plans to do more around AI. Public filings show Bitwise applied for the Bitwise AI Cyber Defense ETF in August. Public filings show Bitwise applied for the Bitwise AI Bond ETF in September.

Horsley recommended the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise Crypto Industry Innovators ETF (BITQ) for an investor with a five-year horizon. Horsley said those index funds allow investors to avoid deciding how the industry will develop as conditions change. Horsley said BITW currently holds Hyperliquid, Zcash and Uniswap, and BITW will stop holding those assets if conditions change.