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

The Block

2025-06-27 00:16:32

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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.

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