Digital asset management firm Bitwise has submitted updated SEC S-1 forms for the registration of spot exchange-traded funds (ETFs) based on Dogecoin (DOGE) and Aptos (APT).
The company filed for the DOGE-ETF in January, and for the APT-ETF in March.
The new documents mention in-kind redemptions, where shares are redeemed for underlying assets rather than cash. This provision was absent in the initial versions.
Bitwise has filed amended S-1s for their spot Dogecoin ETF and their spot Aptos ETFs. Good signs as it indicates SEC engagement, and tracks with other spot approvals. pic.twitter.com/vWpkMwyhyT
— Eric Balchunas (@EricBalchunas) June 26, 2025
“These are good signs as they indicate SEC engagement and align with other approvals,” wrote Bloomberg exchange analyst Eric Balchunas.
He noted that the mention of in-kind redemptions is “almost a guarantee” of approval for such a redemption option for “ETFs across the board.”
SEC Commissioner Hester Peirce remarked that this type of redemption for crypto funds is “on the horizon.” According to her, the regulator has received numerous applications from companies, including the largest asset manager BlackRock, requesting permission to settle in digital assets.
“These [forms] are currently under review. So I think they will definitely appear on the horizon at some point. I can’t predict when, but we are seeing a lot of interest,” she added.
In June, spot exchange-traded funds based on the first cryptocurrency recorded 12 consecutive days of inflows. During this period, the ETFs received a total of $3.9 billion.