Bitwise CEO Hunter Horsley says the weak demand for the firm’s Dogecoin ETF points to a “delta” between people who buy crypto through exchange-traded funds and people who use crypto brokerage apps. That is his interpretation—not proof that ETF buyers and app users are generally different groups. Bitwise’s BWOW trust was scheduled to stop trading after Oct. 14, 2026, with cash expected for remaining shareholders on Oct. 22; as of Oct. 8, both dates were still in the future.
What Horsley meant by a gap between ETF buyers and app users
In an Oct. 8 interview with The Block, Horsley called the outcome “tragic” and said it revealed a “delta” between users served by spot crypto ETFs and users of crypto brokerage apps. His summary: “The users of ETFs just didn’t want to put money into Dogecoin, but that may change over time.”
As an Amazon Associate I earn from qualifying purchases.
Horsley also said, “I like Dogecoin, I own Dogecoin,” describing it as an authentic asset that “went nowhere as an ETF.” His comments are an executive’s explanation of one product’s weak demand. The reporting does not establish, through an independent study, that ETF investors as a whole behave differently from crypto-app users.
What BWOW was—and what it was not
BWOW was a spot Dogecoin trust, not a crypto brokerage app. Its objective was to provide exposure to the value of Dogecoin held by the trust, minus expenses and liabilities. The trust’s June 30, 2026 quarterly filing described Dogecoin as its sole asset. The SEC-filed prospectus says its price benchmark was the CF Dogecoin-Dollar US Settlement Price, calculated by CF Benchmarks from executed trades on major Dogecoin trading platforms; Coinbase Custody Trust Company was named custodian.
#1 Best Overall
- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
Investors generally bought and sold shares through brokers during the trading day. The shares represented an interest in a trust holding Dogecoin; they were not Dogecoin tokens for use in payments, transfers or crypto-app features. The prospectus disclosed a 0.34% annual sponsor fee, in addition to the possibility of customary brokerage commissions and charges. It also warned that share prices could trade above or below net asset value and that investors could lose their entire investment.
BWOW’s timeline and reported figures
BWOW launched on the NYSE in November 2025. The Block reported that trading was scheduled to end after Oct. 14, 2026. CoinDesk reported that remaining shareholders were expected to receive cash on Oct. 22. Bitwise told CoinDesk: “Bitwise has determined to liquidate the fund as it continues to optimize its product range to meet evolving investor needs.” As of the Oct. 8 reporting, the trading end and cash distribution had not yet occurred.
Rank #2
- Top-Tier Security Chip, Bank-Grade Asset Protection: Equipped with an industry-leading Infineon CC EAL 6+ certified security chip, also certified by EMVCo, this chip is widely used in bank payment and identity verification systems. Your private keys are generated and stored entirely offline within the chip, ensuring they never touch the internet. This physically blocks remote hacker attacks and eliminates the risk of private key leakage, building an impregnable first line of defense for your digital assets.
- What You See Is What You Sign, Hardware Button Protection: Every transaction requires manual confirmation via physical buttons on the imKey Pro's clear display. The device intuitively shows key transaction details like the amount and address, ensuring the data hasn't been tampered with during transmission—truly achieving "What You See Is What You Sign." It also features secure PIN code protection and a self-destruct mechanism after multiple incorrect attempts (the private key is wiped after 5 consecutive wrong entries), effectively preventing brute-force attacks even if the device is lost.
- Comprehensive Multi-Chain Asset Support, Access the Web3 Ecosystem: Fully supports major mainnets and Layer 2 networks, including Bitcoin (BTC), Ethereum (ETH), LTC, ATOM, FIL, TRX and more. By adding custom RPCs, you can easily access all EVM-compatible chains like BSC, Polygon, and Avalanche. Furthermore, imKey Pro perfectly supports Layer 2 solutions such as zkSync and Arbitrum, as well as the display and storage of NFTs, meeting all your diverse on-chain needs.
- Cold & Hot Wallet Separation, A Seamless Experience: Utilizing Bluetooth 4.1 wireless technology, it pairs seamlessly with the imToken App on your mobile phone or browser extension wallets on your PC without needing any cables. It combines the ultimate security of a cold wallet (offline private key storage) with the convenience of a hot wallet (online interaction). When a transaction is needed, you sign it offline with your imKey, and the app broadcasts it to the chain. This guarantees asset security without sacrificing the fluidity of use.
- Extremely Thin and Light, A Portable Digital Vault: The device is smaller than a credit card, measuring just 2.3mm thick and weighing approximately 17g. Crafted with a zinc alloy body and a PC panel, it offers a premium feel and is extremely portable. The built-in 33mAh lithium-polymer battery provides a battery life of up to approximately four weeks on a single charge. The package includes the hardware wallet, a USB cable, and mnemonic cards, making it ready to use right out of the box—a secure and reliable gateway to the crypto world.
| Measure | Reported figure | Source and date |
|---|---|---|
| BWOW assets | Approximately $687,713 | CoinDesk, as of Sept. 9, 2026 |
| BWOW assets | Approximately $725,870 | SoSoValue data cited by The Block, as of Oct. 7, 2026 |
| BWOW trading volume | $51,480 | SoSoValue data cited by The Block, September 2026 |
The asset figures are snapshots from different dates, not conflicting measurements for the same day or final liquidation totals. The reported September volume is also a dated measure, not evidence of the fund’s trading after that month.
What broader Dogecoin ETF flows show—and what they cannot show
CoinDesk’s Sept. 14 analysis of third-party fund-flow data said three tracked U.S. Dogecoin ETFs had drawn just over $12 million in cumulative net inflows through Sept. 10, 2026. It compared that with $12.29 million reportedly flowing into XRP funds on Sept. 9 alone. CoinDesk found no net flows on 166 of 199 trading days across the Dogecoin funds and an approximately $108,000 net withdrawal from Aug. 13 through Sept. 10.
Rank #3
- SECURE - The SecuX hardware wallet has a complete suite of security features in place, from protected production chain, to tamper resistant packaging, right down to its military grade, CC EAL 5+ certified secure element for keeping your assets safe and unassailable - Rugged aluminum case ensures years of protection
- COMPATIBLE - Connect via USB or Bluetooth to your Windows, Mac or Linux computer(through Chrome browser), iOS devices (iPhone, iPad), and Android devices (Android 8.1 or later) with dedicated SecuX mobile app - Supports Bitcoin, Ethereum, XRP, Ripple, Litecoin, Bitcoin Cash, Digibyte, Dash, Binance, Dogecoin, GRS, Stellar Lumens, and over 1,000 ERC-20 tokens
- CONVENIENT - Simple, streamlined interface ensures you can use it easily, avoid mistakes and keep your assets safe - Simple firmware update process is more streamlined than the competitors to ensure smooth updates, maximizing security and usability - USB-C equipped for easy charging and connection to laptops, etc.
- TOUCH SCREEN - The SecuX hardware wallet is easy to interact with thanks to its 2.8” full color touch screen including on-screen keyboard - On-screen verification of addresses gives you protection from malware that may attempt to redirect your funds
- BLUETOOTH - Connect to your phone or other Bluetooth devices to send and receive coins and tokens - Your keys never leave your device, and Bluetooth is only used for sending signed transactions to the blockchain
Those figures indicate limited or intermittent demand across the tracked funds during the periods CoinDesk analyzed. They do not establish why Bitwise chose to close BWOW, and they are CoinDesk’s analysis of fund-flow data—not SEC filing figures.
Other explanations focus on access and product fit
Interviewees offered interpretations that differ from Horsley’s audience-gap explanation. Jordan Jefferson, founder of MyDoge and DogeOS, told CoinDesk, “Access has never been Dogecoin’s biggest constraint.” He argued that broader institutional interest would depend on more to underwrite than price appreciation alone. That is Jefferson’s analysis, not a demonstrated cause of BWOW’s closure.
Rank #4
- THE WALLET FOR EVERYONE: Ballet wallets are 100% offline. Storing your cryptocurrency assets in offline cold storage prevents unauthorized electronic access to the funds on your REAL Series wallets. Your funds cannot be electronically hacked.
- NO SETUP: REAL Series wallets come ready to use out of the box. Just scan a QR code to store your cryptocurrency and you’re all done!
- NO MAINTENANCE: REAL Series wallets are physical wallets which, unlike electronic hardware wallets, don’t need to be maintained or electronically updated.
- BALLET CRYPTO: The Ballet Crypto app allows you to easily view and manage your assets in real-time.
Smoke, a pseudonymous representative of Own The Doge, told CoinDesk that BWOW “sat ‘between two audiences but served neither’” and called it “a verdict on selling $DOGE as if it were just another ticker.” CoinDesk identifies the organization as holding the exclusive license to the original Doge meme image; the representative’s critique remains an attributed opinion.
What question investors should ask about a crypto ETF
The closure raises a practical product question: what does an ETF solve for its intended investor? A fund share offers broker-based exposure to a trust’s Dogecoin holdings, while direct ownership through an app involves holding the token itself. Which structure is suitable depends on the investor’s intended use and the details of the specific product and platform.
- Exposure: BWOW shares represented an interest in a trust holding Dogecoin; they were not transferable Dogecoin tokens.
- Costs: BWOW’s prospectus listed a 0.34% annual sponsor fee and noted that brokerage commissions or charges could also apply.
- Custody and operations: The prospectus named Coinbase Custody Trust Company as custodian and described how the trust measured Dogecoin’s price.
- Trading and pricing: Shares traded through brokers during the trading day and could trade at a premium or discount to the trust’s net asset value.
The available reporting does not provide a complete, current comparison of every Dogecoin fund and brokerage app. It therefore does not support a blanket claim that ETF access or app-based ownership is the better route for all investors.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
