Bitwise Revamps Dogecoin ETF Filing—Could DOGE Beat XRP to the Finish Line?

Wall Street’s latest crypto obsession? A spot Dogecoin ETF—and Bitwise just doubled down. The asset manager quietly updated its SEC filing, stoking speculation that DOGE might sprint past XRP in the regulatory approval race.

Why the sudden momentum? Meme coin mania meets institutional FOMO. While XRP languishes in legal limbo, DOGE’s absurdist brand and Elon Musk’s Twitter antics keep it front-of-mind for traders. Never underestimate the power of a joke that outlives its punchline.

Behind the scenes: ETF issuers are playing 4D chess with the SEC. Bitwise’s move suggests they’re betting on DOGE’s ‘harmless meme’ narrative to bypass the regulatory skepticism haunting more ‘serious’ tokens. Because nothing says ‘mature asset class’ like a Shiba Inu logo.

The billion-dollar question: Will Gary Gensler approve a Dogecoin ETF before coffeezilla finishes his next exposé? Either way, the real winners are the lawyers charging by the hour.

Bitwise Amends S-1 For Spot Dogecoin ETF

According to a SEC filing, the asset manager has filed an amended registration statement for its spot Dogecoin ETF. This has increased optimism that the SEC could soon approve this fund. In an X post, Balchunas stated that the amendment is a good sign as it indicates that Bitwise is engaging with the Commission. 

The Bloomberg analyst further remarked that the amendment also tracks with other spot approvals. Meanwhile, he revealed that a huge change that Bitwise made to the spot dogecoin ETF filing is the addition of in-kind creations and redemptions. This ETF mechanism enables authorized participants (APs) to create and redeem shares using DOGE instead of cash. 

Balchunas noted that this provision wasn’t initially there when Bitwise filed for a spot Dogecoin ETF in January. The analyst also declared that it is a “near lock” at this point that in-kind will be allowed in spot ETFs across the board. Besides Bitwise, asset managers 21Shares and Grayscale have also filed to offer a Dogecoin ETF. 

Earlier in the month, 21Shares had filed an amended S-1 for its spot Doge ETF. Back then, Eric Balchunas stated that the amendment made things maybe even more interesting. He noted how amendments are typically filed after comments from the SEC. As such, there is the possibility that the Commission has given feedback to two prospective DOGE ETF issuers. 

Grayscale is the only spot Dogecoin ETF issuer that has yet to file an amended registration statement. However, that could change soon if indeed the SEC is providing comments to these issuers. This would be similar to how all the prospective solana ETF issuers amended their S-1 filings after the Commission asked them to do so. 

Will the SEC Approve the DOGE ETFs Before the XRP ETFs?

Balchunas and Seyffart predict that the SEC is unlikely to approve the spot Dogecoin ETFs before the XRP ETFs. These Bloomberg analysts recently raised their odds of approval for an XRP ETF in 2025 to 95%. Meanwhile, they predict that there is a 90% chance that the Commission will approve a DOGE ETF this year. 

Factors like the fact that XRP has a regulated futures market through the CME put the XRP ETFs above the Dogecoin ETFs. Seven asset managers have filed for an XRP ETF, compared to three for DOGE. The XRP Lawsuit is also coming to an end, which is another positive development. However, it is worth noting that the XRP and Dogecoin ETFs both have a final SEC deadline of October 17, which means they could be approved on the same day. 

At the time of writing, the Dogecoin price is trading at around $0.16, up in the last 24 hours, according to data from CoinMarketCap.