Bitwise updates Dogecoin and Aptos ETF filings, analyst notes ‘huge’ addition of in-kind redemptions

Bitwise on Thursday submitted updated S-1 filings with the U.S. Securities and Exchange Commission for its proposed spot Dogecoin and Aptos exchange-traded funds. The crypto asset manager was the first firm to file for a Dogecoin ETF in January and is the only issuer so far to file for an Aptos fund, which it applied for in March .

"Good signs as it indicates SEC engagement, and tracks with other spot approvals," Bloomberg senior ETF analyst Eric Balchunas said in a post on X. Of note, the new filings mention in-kind creations and redemptions, which were nonexistent in Bitwise's initial filings.

Balchunas noted that in-kind redemptions — where shares can be redeemed for the underlying assets held by a fund, rather than cash — are a "near-lock" for crypto funds "across board."

Issuers and investors have been asking for months to allow for in-kind creations and redemptions, specifically for current spot Bitcoin ETFs that are currently on the market.

"Those [forms] are going through the process now," SEC Commissioner Hester Peirce said Wednesday . "So I think that's something that's certainly on the horizon at some point. I can't prejudge, but we hear that there's a lot of interest."

There are dozens of crypto-related ETF filings under SEC review, and Bloomberg analysts recently raised their odds of approval this year to 90%.

Aptos is a Layer 1 blockchain developed by Aptos Labs, and the APT token is currently the 41st-largest cryptocurrency by market cap ($3 billion), according to The Block's data . Dogecoin has the ninth-largest market cap ($24 billion) among cryptocurrencies.

Of note, spot Bitcoin ETFs' 12-day net inflow streak is nearing $4 billion, The Block previously reported , while total net inflows for the Ethereum funds stand at $4.2 billion.