Bitwise Asset Management Unleashes the Bitwise Dogecoin ETF (NYSE: BWOW)

DOGE is an accidental crypto movement that makes people smile.

SAN FRANCISCO, Nov. 25, 2025 /PRNewswire/ -- Bitwise Asset Management, the global crypto asset manager with over $15 billion in client assets, today announced the launch of the Bitwise Dogecoin ETF (NYSE: BWOW). You're surprised. We're surprised. Much wow, you might say.

"DOGE began as a joke and came to become an icon of the crypto movement. It doesn't purport to transform global capital markets or convince you it has fundamentals or utility," said Bitwise CEO Hunter Horsley. "DOGE is simply a 12-year-old coin based on a picture of a cute dog, people doing good, and the common ideal in crypto that people should have the freedom to do as they choose. And, against the odds, it has kept its relevance—and its value—longer than just about anything else in crypto. Bitwise is launching BWOW because many DOGE holders, a community that numbers in the millions, want the benefit that comes from getting exposure to crypto in an ETP format, and we believe they should have it."

The Bitwise Dogecoin ETF (the "Fund") is not suitable for all investors. An investment in the Fund is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and therefore is not subject to the same protections as ETFs and mutual funds registered under the 1940 Act. An investment in the Fund is not the same as a direct investment in the Dogecoin token ("DOGE").

What is DOGE, the first and largest crypto memecoin?

• Seventh-largest crypto asset¹
• $22B market cap
• $1B traded daily on centralized exchanges
• Created in 2013

The Bitwise Dogecoin ETF will trade on NYSE starting November 26, 2025, under the ticker BWOW. The management fee will be 0.34%, with the fee set at 0% for the first month on the first $500 million in assets.²

About Bitwise
Bitwise Asset Management is a global crypto asset manager with more than $15 billion in client assets and a suite of over 40 crypto investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 4,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 15 banks and broker-dealers. The Bitwise team of over 100 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.

Notes
(1) Source: CoinMarketCap as of November 24, 2025. Seventh-largest by market capitalization.
(2) Brokerage or trading fees may apply.

Risks and Important Information

This material must be accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit bwowetf.com/welcome.

The amount of DOGE represented by a Share will continue to be reduced during the life of the Fund due to the transfer of the Fund's DOGE to pay for the Sponsor's management fee, and to pay for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of DOGE.

There is no guarantee or assurance that the Fund's methodology will result in the Fund achieving positive investment returns or outperforming other investment products.

Investors may choose to use the Fund as a means of investing indirectly in DOGE. Because the value of the Shares is correlated with the value of DOGE held by the Fund, it is important to understand the investment attributes of, and the market for, DOGE.

DOGE Risk. There are significant risks and hazards inherent in the DOGE market that may cause the price of DOGE to fluctuate widely. The Fund's DOGE may be subject to loss, damage, theft or restriction on access. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the DOGE market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Fund's investment strategy.

Liquidity Risk. The market for DOGE is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Fund's NAV and its market price. The lack of active trading markets for the Shares may result in losses on investors' investments at the time of disposition of Shares.

Regulatory Risk. Future and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Fund.

Blockchain Technology Risk. Certain of the Fund's investments may be subject to the risks associated with investing in blockchain technology. The risks associated with blockchain technology may not fully emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.

Nondiversification Risk. The Fund is nondiversified and will hold a single issue. As a result, a decline in the market value of a particular issue held by the Fund may affect the Fund's value more than if it invested in a larger number of issuers.

Recency Risk. The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision.

If the Fund is not profitable, the Fund may terminate and liquidate at a time that is disadvantageous to Shareholders. DOGE is a memecoin that does not aim to provide utility, and, on a relative basis, speculators make up a significant portion of users.

The unlimited supply of Dogecoin may negatively impact the long-term value of Dogecoin, and potentially the integrity of the Dogecoin Network.

Dogecoin was originally considered a "memecoin" and may be subject to even greater levels of volatility than other digital assets. Memecoins are cryptocurrencies inspired by internet memes or trends. Most memecoins have no stated use case or intrinsic value, other than as a digital collector's item.

Bitwise Investment Advisers, LLC serves as the sponsor of the Fund. Foreside Fund Services, LLC serves as the Marketing Agent for the Fund, and is not affiliated with Bitwise Investment Advisers, LLC, Bitwise, or any of its affiliates.

Media Contact:
Tova Kaufmann
[email protected]

SOURCE Bitwise Asset Management