Bitwise CEO on Dogecoin ETF Closure: A Tragic Mismatch

Bitwise 首席执行官谈狗狗币 ETF 关闭：悲剧性的不匹配

In a candid assessment, Bitwise CEO Hunter Horsley has described the impending closure of the firm's spot Dogecoin ETF, BWOW, as "tragic." Launched on the NYSE in November 2025, the fund is set to cease trading on October 14, 2026, less than a year after its inception. This swift demise, with assets dwindling to approximately $725,870 and September trading volume at a mere $51,480, highlights a significant gap between the appetite of traditional ETF investors and the users active on crypto brokerage apps.

Bitwise 首席执行官亨特·霍斯利 (Hunter Horsley) 在一份坦率的评估中称，该公司现货狗狗币 ETF BWOW 即将关闭是“悲剧性的”。该基金于 2025 年 11 月在纽约证券交易所推出，将于 2026 年 10 月 14 日停止交易，距其成立不到一年。这种迅速消亡，资产减少至约 725,870 美元，9 月份交易量仅为 51,480 美元，凸显了传统 ETF 投资者和活跃于加密货币经纪应用程序的用户之间的巨大差距。

The Investor vs. User Conundrum

投资者与用户的难题

Horsley, speaking at the Digital Asset Summit 2026 Asia, emphasized that the BWOW's outcome was not a reflection of Dogecoin's inherent value or the broader crypto asset class, but rather an issue of audience mismatch. "ETF investors simply did not want to allocate to it," Horsley noted, despite his personal fondness for Dogecoin, which he described as "historically useless but authentic and standing for something." This disconnect underscores a crucial insight: an asset's popularity within the crypto community does not automatically translate into demand for a regulated ETF product.

Horsley 在 2026 年亚洲数字资产峰会上发言时强调，BWOW 的结果并不反映狗狗币的内在价值或更广泛的加密资产类别，而是受众不匹配的问题。 “ETF 投资者根本不想配置它，”霍斯利指出，尽管他个人喜欢狗狗币，他形容狗狗币“在历史上毫无用处，但真实且代表着某种意义”。这种脱节强调了一个重要的见解：资产在加密货币社区中的受欢迎程度并不会自动转化为对受监管 ETF 产品的需求。

Solana ETF Success Offers a Stark Contrast

Solana ETF 的成功形成鲜明对比

The struggles of the Dogecoin ETF stand in sharp contrast to the success of Bitwise's Solana Staking ETF (BSOL), which boasts approximately $1.3 billion in assets. Horsley attributes this success to Solana's clear institutional investment thesis, driven by its role in stablecoins, tokenized assets, and on-chain services, as well as its staking feature. This provides a more compelling narrative for traditional investors compared to Dogecoin's meme-driven origins.

Dogecoin ETF 的困境与 Bitwise 的 Solana Stake ETF (BSOL) 的成功形成鲜明对比，后者拥有约 13 亿美元的资产。 Horsley 将这一成功归功于 Solana 明确的机构投资理念，这是由其在稳定币、代币化资产和链上服务中的作用及其质押功能推动的。与狗狗币的迷因驱动起源相比，这为传统投资者提供了更引人注目的叙述。

Looking Ahead: Evolving Investor Needs

展望未来：不断变化的投资者需求

Bitwise is not resting on its laurels, having recently launched a spot NEAR ETF and filed for two AI-focused funds. Horsley remains committed to understanding what themes resonate with traditional investors through regulated products. While the Dogecoin ETF's chapter is closing, it serves as a valuable lesson for the industry on the nuances of product-market fit in the evolving landscape of digital asset investment. It's a reminder that while innovation is key, understanding your audience is paramount – even if that audience prefers to get their Doge fix through a different kind of channel. Who knows, maybe one day the ETF world will have a bigger bark!

Bitwise 并没有满足于现状，最近推出了现货 NEAR ETF，并申请了两只专注于人工智能的基金。霍斯利仍然致力于通过受监管的产品了解哪些主题与传统投资者产生共鸣。虽然狗狗币 ETF 的章节即将结束，但它为行业提供了宝贵的一课，让我们了解在不断变化的数字资产投资格局中产品与市场契合度的细微差别。这提醒我们，虽然创新是关键，但了解您的受众才是最重要的——即使该受众更喜欢通过不同类型的渠道来了解 Doge。谁知道呢，也许有一天 ETF 世界会发出更大的声音！