Catenaa, Wednesday, July 02, 2025- Bitwise Asset Management submitted revised S-1 registrations with the Securities and Exchange Commission on Thursday for its proposed spot Dogecoin and Aptos exchange-traded funds, introducing in-kind creations and redemptions.
The filings mark the first mention of in-kind mechanisms for Bitwise, which initially applied for a Dogecoin ETF in January and an Aptos fund in March.
In-kind redemptions allow ETF shares to be exchanged for the underlying assets rather than cash, a feature analysts say is critical for efficient fund management.
“SEC engagement is evident in these updates,” Bloomberg senior ETF analyst Eric Balchunas said. He noted that in-kind redemptions are a near certainty for crypto funds this year.
Bitwise’s Aptos ETF would track APT, the native token of the Layer 1 blockchain developed by Aptos Labs. Aptos ranks 41st by market capitalization, while Dogecoin sits ninth with about $24 billion in market value.
The proposed funds join dozens of crypto-related ETF filings under SEC review, with Bloomberg analysts boosting approval odds to 90 percent for this year.
Spot Bitcoin ETFs have drawn nearly $4 billion in net inflows over 12 trading days, and Ethereum products have seen $4.2 billion, according to The Block. Investors and issuers have pressured regulators for in-kind provisions to reduce trading costs and enhance liquidity.
Bitwise did not comment beyond its SEC submissions. Approval of these funds would expand retail and institutional access to mainstream crypto ETFs.
