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Bitwise has updated its filing for its spot Dogecoin and spot Aptos ETFs, indicating that the U.S. Securities and Exchange Commission (SEC) is actively involved in the process.
Bloomberg Senior ETF Analyst Eric Balchunas said in a statement today that this development is a positive sign, stating that it is in line with other spot crypto ETF approval processes.
Balchunas said the most notable change is the addition of “in-kind” (direct asset swap) asset creation and redemption mechanisms to the applications. This feature allows investors to create ETF shares or receive redemptions directly in cryptocurrencies instead of cash. “It seems almost certain that in-kind transactions will now be accepted across all spot ETFs,” Balchunas said, recalling that this mechanism was not included in the initial applications filed in January.
As you may recall, Bitwise’s Dogecoin ETF application was filed on March 3, 2025 and supported by Coinbase Custody. After the application was opened to the public comment period, it was postponed by the SEC for additional evaluation on June 12. The Commission announced that it needed to examine market risks and investor protection measures more comprehensively by extending the decision period.
*This is not investment advice.