Bitwise Moves Closer to Launching First Ever Spot Dogecoin ETF

Key Insights:

• Bitwise revised Dogecoin and Aptos ETF filings amid SEC dialogue.
• Bloomberg analysts cited in-kind updates as key DOGE ETF progress.
• SEC delays DOT and HBAR ETF decisions for extended proceedings.

Bitwise has amended its registration statements for both its proposed Dogecoin and Aptos exchange-traded funds (ETFs), reinforcing signs of active engagement with the U.S. Securities and Exchange Commission (SEC). A recent SEC filing confirmed that Bitwise submitted an updated S-1 form for its Dogecoin ETF.

Separately, a parallel update was made to the registration statement for its Aptos ETF, signaling continued regulatory discussions. Bloomberg analysts Eric Balchunas and James Seyffart highlighted the changes as a positive development, suggesting that progress is being made toward eventual approval.

Notably, Bitwise’s revised Dogecoin ETF filing includes in-kind creations and redemptions—mechanisms that were not present in the original January submission. Balchunas observed that this adjustment represents a major technical update and aligns with expectations that spot ETFs across the board will allow in-kind processes.

These mechanisms typically permit institutional participants to exchange underlying assets, such as DOGE, for ETF shares without triggering taxable events. The inclusion of in-kind options indicates the SEC’s increasing comfort with allowing these structures in crypto ETFs.

Earlier this month, Bitwise also amended the S-1 filing for its Solana ETF, joining several other issuers in making synchronized updates. Balchunas noted that such coordinated amendments usually reflect active communication between asset managers and SEC staff. The pattern of amendments across multiple filings supports the idea that the SEC is moving forward with its review of cryptocurrency ETFs, especially those backed by large-cap digital assets.

DOGE ETF Activity Expands With Multiple Filings

The latest amendment follows several ETF-related developments surrounding Dogecoin. In February, the New York Stock Exchange submitted a 19b-4 form with the SEC for a proposed DOGE ETF, aiming to list the product on its platform. Soon after, Grayscale joined Bitwise and REX Shares in filing for a Dogecoin ETF, becoming the third issuer to propose such a product. Grayscale’s application seeks to convert its existing Dogecoin Trust into a publicly traded ETF listed on the NYSE.

These filings have increased attention around Dogecoin from institutional fund managers. According to Bloomberg analysts, the updated filings signal regulatory progress, and the presence of multiple applications shows that interest in DOGE-based investment vehicles remains strong. Bitwise’s inclusion of in-kind redemptions further strengthens the structural case for the DOGE ETF, aligning it with frameworks already seen in approved Bitcoin ETFs.

This level of activity mirrors what occurred with earlier Bitcoin and Ethereum ETF proposals, where multiple filings, amendments, and public engagement with the SEC preceded final approval decisions. Each updated Dogecoin ETF filing represents a step toward aligning technical parameters with regulatory preferences.

Bitwise Amends Aptos ETF Registration Amid Broader Review

Bitwise has also submitted an amended registration statement for its Aptos ETF, according to a separate SEC filing. This update, while less detailed in public disclosures, points to continued engagement with the regulator on the part of the asset manager. It follows the same pattern as the firm’s Solana and Dogecoin ETF amendments, which are widely viewed as part of an iterative process with the SEC.

The timing of the Aptos ETF amendment coincides with broader updates in the crypto ETF space, suggesting that Bitwise is responding to feedback or preparing for a more formal phase of review. While the SEC has not commented on the status of the Aptos ETF, the amendment indicates that the application remains active and under consideration.

In a related development, the SEC recently postponed its decision on the 21Shares Polkadot (DOT) spot ETF. The decision, originally expected by June 24, 2025, was delayed to allow for additional proceedings. These proceedings enable the SEC to collect more data and public input before deciding on approval or disapproval.

Meanwhile, ETF activity continues to expand beyond Dogecoin and Aptos. Canary Capital’s proposed HBAR ETF, initially filed in February, also remains under review. The SEC has shifted that application into its formal decision-making process.

The fund would hold Hedera’s HBAR token and cash, using a benchmark derived from CoinDesk’s Hedera price index. It would permit both in-kind and cash transactions in blocks of 10,000 shares.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.