Bitwise Updates Dogecoin Aptos ETF Filings With In Kind Redemptions

Bitwise Asset Management has updated its filings for two proposed exchange-traded funds (ETFs), one for Dogecoin and the other for Aptos, with the U.S. Securities and Exchange Commission (SEC). The amendments include the addition of in-kind creation and redemption mechanisms, allowing ETF shares to be exchanged directly for the underlying crypto asset. This change is seen as a significant step forward for spot crypto ETFs, as it improves tax efficiency and reduces market impact.

The inclusion of in-kind redemptions in the amended filings is viewed as a positive sign for the approval of spot Dogecoin ETFs. This feature was absent in the original filings, and its addition suggests that the SEC is actively engaging with the proposals. The updated filings also follow the SEC’s recent decision to delay its review of Bitwise’s Dogecoin ETF, indicating that the regulatory body is taking a closer look at the proposals.

Bitwise was one of the first firms to file for a Dogecoin ETF in January. The updated filings reflect growing momentum around spot crypto ETFs and the inclusion of in-kind mechanics is a significant update. This change is likely to set a positive precedent and become standard across the board. The amended filings also indicate that the SEC is looking to approve several similar proposals, as other firms are also in the race for a Dogecoin ETF approval. Bitwise remains the only issuer to file for an Aptos fund to date.

Major firms such as Fidelity, Franklin Templeton, VanEck, Galaxy Digital, and Grayscale have also filed similar updates in recent days. These firms are collaborating to introduce additional spot ETFs in the market to assist the digital assets become mainstream. The SEC had earlier asked all issuers to update their filings within one week. According to sources, the SEC is expected to issue comments within a 30-day window. Such remarks will facilitate the elucidation of major considerations like staking regulations and redemption in kind. This indicates an unprecedented collaboration between the crypto industry and financial regulators.

This move by Bitwise aligns with the agenda of the U.S. administration to have rules on cryptos that are less ambiguous. The step indicates that the regulatory process is getting more orderly. It has a balance between innovation and protection of the market. This implies enhanced protection and sounder investment opportunities for the investor. Dogecoin started as an ordinary meme coin but is now evolving fast. Moreover, its inclusion in a proposed ETF shows this clear shift. This way, digital assets like Dogecoin gain maturity and attract more serious investors. As a result, what began as a joke now stands as a real commodity. It is also true of Aptos, a recently developed blockchain platform aimed at scalability and safety.

Finally, the recent filings of Bitwise indicate that crypto ETFs are nearing acceptance. This is a step in the right direction with the SEC becoming active and regulations being more transparent. This means that both the crypto and finance industries are gaining confidence, which may draw old investors. By passing, those ETFs would pave the way to greater crypto adoption, with fewer timeouts and with enhanced protection.