Dogecoin and Aptos ETFs from Bitwise Just Got an SEC Update

Bitwise amended its Form S-1s for its Aptos and Dogecoin ETFs, possibly signaling new engagement with the SEC. Aptos recently had a breakthrough in institutional acceptance in Wyoming, which may increase its odds of success.

Dogecoin, for its part, hasn’t had a similar development in recent weeks. However, Bitwise included a new clause for in-kind creations and redemptions in this filing. This may be a crucial sign, as it’s a coveted ask from ETF issuers.

Bitwise Amends Altcoin ETF Filings

Since the SEC came under new leadership, a flood of new altcoin ETF applications has been coming in. One issuer, Bitwise, has been a particular leader, being the first one to file applications for several altcoins.

Today, it may have made some progress, as prominent ETF analysts reported on new happenings with Bitwise’s Aptos and Dogecoin ETF filings.

Bitwise was the first company to file for an Aptos or Dogecoin ETF, but they haven’t made much progress since. Normally, neither of these products ranks as the most likely altcoin ETF approvals, but today brought encouraging signs.

These amended filings suggest behind-the-scenes dialogue with the SEC, revealing important clues.

Additionally, the underlying assets earned some recent wins that may help Bitwise’s ETF efforts. Aptos, a prominent Layer 1 blockchain, recently became a finalist for Wyoming’s stablecoin competition.

It tied for first place with Solana and may therefore be selected to help deploy a US state’s official token.

This sort of institutional acceptance is unprecedented in the US and may influence the SEC’s decision. Dogecoin, arguably the first meme coin, has not had a similar recent breakthrough.

As Eric Balchunas noted, however, the revised Dogecoin ETF proposal includes in-kind creations and redemptions.

Several key ETF issuers have been lobbying for this for months, with no apparent progress. If Bitwise included this component in the updated ETF filing, it may indicate the SEC’s willingness to grant the request.

If nothing else, the firm chose Dogecoin and Aptos as the two altcoin ETF proposals to update, and it has many such filings to choose from.

To be clear, though, nothing is certain yet. These filings are a positive sign, but the Commission’s exact schedule and mindset remain somewhat opaque. It currently has over 70 altcion ETFs to review, and the applications are piling up.