Bitwise Amends Dogecoin Aptos ETF Filings SEC Review Continues

Bitwise Asset Management has recently updated its S-1 filings for both its proposed spot Dogecoin and Aptos exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC). The amended filings, submitted on Thursday, June 26, 2025, come exactly two weeks after the regulator postponed its review of the Dogecoin ETF. This move is seen as a positive development, indicating renewed engagement from the SEC.

Bitwise initially filed for the Dogecoin ETF in January 2025 and followed with the Aptos ETF application in March 2025. The San Francisco-based asset manager already has other crypto ETF offerings, such as the Bitwise Bitcoin ETF (BITB), and several other applications pending, including one for an XRP-focused fund. The amended filings suggest that the SEC is actively reviewing these proposals, which could pave the way for potential approvals.

One significant update in the amended Dogecoin ETF filing is the inclusion of in-kind creations and redemptions. This provision allows authorized participants to deliver or receive Dogecoin directly, rather than converting to or from cash. In-kind transactions are favored for reducing slippage and improving tax efficiency, and their inclusion is seen as a regulatory necessity for future spot crypto ETFs. Coinbase Custody will serve as the custodian for the Dogecoin ETF.

Bitwise’s initial DOGE S-1 filing showed that it was requesting the registration of its ETF under the Securities Act of 1933, also known as the ’33 Act. This differs from earlier applications by other firms, which used the Investment Company Act of 1940 framework. The ’40 Act has more profound investor protections, including stricter governance requirements, but the ’33 Act is used for commodity-based and physically-backed ETFs. This approach may give Bitwise flexibility in structuring these funds, although it also subjects them to a different regulatory lens.

Meanwhile, Bitwise’s Aptos ETF, if approved, would become the first US-based fund focused solely on APT, the native token of the Aptos blockchain. The firm registered a Delaware trust for the Aptos ETF on February 28, 2025, and filed the corresponding S-1 with the SEC on March 5, 2025. The fund does not propose a staking mechanism, even though Aptos is a proof-of-stake blockchain.

The firm will also need to submit a 19b-4 form to trigger the SEC’s official review window. Once the SEC acknowledges the filing, a 240-day countdown begins for the agency to issue a final decision. The SEC has yet to approve the Dogecoin ETF, having extended its review period on June 12, 2025, to assess concerns over market risks and investor protection. The Dogecoin ETF was initially filed on March 3, 2025, and opened to public comment shortly after.

The amended filings by Bitwise are seen as a positive step towards potential SEC approval for these spot ETFs. The inclusion of in-kind creations and redemptions, as well as the use of the ’33 Act for registration, suggests that Bitwise is taking a proactive approach to address regulatory concerns. The SEC’s engagement with these filings is a promising sign for the future of spot crypto ETFs in the US market.

The filing of amended form S-1 filings for Bitwise spot Dogecoin and Aptos ETF is a clear indication that the agency is looking to approve several similar products in the near future. The U.S. SEC has engaged with fund managers seeking to offer spot Solana ETFs. Before the approval of the spot Bitcoin ETFs last year, the U.S. SEC engaged the fund managers in a similar manner as it has engaged with altcoin ETF issuers in the recent past.

The imminent approval of the spot Dogecoin and Aptos ETFs could follow a similar pattern to Ethereum’s, which recorded bearish sentiment after the final approval. Moreover, the spot altcoin ETFs have shown characteristics of an exit market from institutional investors. Meanwhile, both altcoins continue to have a midterm bearish outlook, especially after BTC’s price struggled to rally consistently beyond $110k in the past few weeks.