Bitwise Asset Management has intensified the race for altcoin-based exchange-traded funds by filing updated S-1 registration statements for its proposed Dogecoin and Aptos spot ETFs. The revised submission signals ongoing dialogue with the U.S. Securities and Exchange Commission and has sparked renewed optimism across crypto markets.
The most significant amendment in the Dogecoin ETF document, which is a complete change, is the addition of in-kind creations and redemptions. The feature will enable the exchange-traded firms to issue and redeem ETF shares in kind through the use of actual crypto assets as opposed to cash, making the product less subject to market friction and similar to those applied to already approved Bitcoin ETFs.
The inclusion of in-kind creations and redemptions represents a significant shift from Bitwise’s earlier January filing, which lacked this mechanism. According to Bloomberg ETF analyst Eric Balchunas, this update reflects direct regulatory feedback and improves the ETF’s chances of gaining approval.
Development of the Dogecoin ETF has now outpaced that of Aptos, which is still looking to receive a 19b-4 filing. In the meantime, the New York Stock Exchange has already submitted this critical document to Dogecoin, and the formal review process of that product by the SEC has thus begun.
The 19b-4 filing is a significant indication that the Dogecoin ETF is more advanced in the process of approval. This is one of the procedural stages before the SEC commences assessing and approving any crypto ETF.
Analysts Boost Confidence in Approval Timeline
Confidence among market observers has grown following Bitwise’s unexpected filing update. Analysts Eric Balchunas and James Seyffart now place the odds of a Dogecoin ETF approval at 90%
They meant that regulatory acceptance was no longer an option but an anticipation. Their evaluation highlights how the proposals of the crypto ETF have become more mature and are more closely connected with the SEC standards.
The Dogecoin ETF race is tight as Bitwise is facing other asset managers such as Grayscale and 21Shares. Such competing applications indicate an increased institutional interest in altcoin-centered investment products and further support the process of their approval.
SEC has until October 17 to arrive at a final take on the Dogecoin ETF. This will provide the regulator with many months to vet the filings and make its stand.
Conclusion
The updated ETF framework at Bitwise and the continuous work of the SEC have tremendously changed the anticipation regarding the altcoin ETF approvals. With the confidence levels being registered by analysts, focus is now on the next step by the SEC before the October deadline.
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