Doge ETF inches toward approval as Bitwise updates filing

The proposed spot Dogecoin exchange-traded fund ETF may be gaining ground, as growing engagement between issuers and regulators boosts hopes for approval.

According to recent filings, Bitwise Asset Management has submitted amended applications to the U.S. Securities and Exchange Commission (SEC) for its proposed spot Dogecoin (DOGE) and Aptos (APT) ETFs.

Bitwise was one of the first firms to file for a Dogecoin ETF in January, and the amendments come as engagement continues between issuers and the regulatory commission over the proposals. The updated filings also follow the SEC’s recent decision to delay its review of Bitwise’s Dogecoin ETF, citing the need for more time to assess whether the product meets legal standards.

A key change in the revised proposals is the addition of “in-kind” creation and redemption mechanisms, a feature absent in the original filings. This change allows ETF shares to be exchanged directly for the underlying crypto asset, which can improve tax efficiency and reduce market impact.

Commenting on the amended filings, Bloomberg ETF analyst Eric Balchunas described the updates as a positive sign, noting they reflect growing momentum around spot crypto ETFs. He added that the inclusion of in-kind mechanics is a “huge update,” likely to set a positive precedent and become standard across the board.

Earlier this month, fellow Bloomberg analyst James Seyffart estimated the approval odds for a Dogecoin ETF at 80%, and the increased regulatory engagement suggests a likely path to approval for the proposed investment vehicle.

Meanwhile, other firms, including Grayscale and 21Shares, are also in the race for a Dogecoin ETF approval, while Bitwise remains the only issuer to file for an Aptos fund to date.

The SEC is currently reviewing dozens of proposals for other spot ETFs as institutional interest in altcoin-based products grows.