Bitwise Doubles Down: Submits Revamped Spot Dogecoin ETF Filing as SEC Approval Odds Surge

Wall Street's meme coin reckoning is here. Asset manager Bitwise just fired the latest salvo in the crypto ETF arms race—a freshly polished application for a spot Dogecoin fund. This comes as regulatory winds shift dramatically in favor of approval.

The once-unthinkable scenario—a Shiba Inu-themed ETF trading on NASDAQ—now looks increasingly probable. Sources close to the SEC whisper the commission's resistance is crumbling faster than a shitcoin's liquidity during a market dump.

What changed? Institutional demand for crypto exposure keeps hitting new highs while regulators face mounting political pressure. The SEC's playbook of delay-and-deny tactics wears thin as competitors like VanEck and Fidelity circle the space.

Bitwise's move signals a calculated bet that the 'joke' cryptocurrency has finally earned its seat at the big kids' table. Whether that says more about Dogecoin's staying power or Wall Street's desperation for the next speculative vehicle depends on who you ask.

One thing's certain: the same suits who mocked 'Doge to $1' memes in 2021 are now quietly repositioning their portfolios. Nothing brings out bullish sentiment like the scent of freshly printed management fees.

Asset manager Bitwise has updated its filing for a U.S.-listed spot Dogecoin (DOGE) exchange-traded fund, indicating that the Securities and Exchange Commission may soon approve the investment vehicle.

Bitwise Includes In-Kind Redemptions In Amended DOGE ETF Filing

On Thursday, ETF provider Bitwise submitted updated S-1 filings with the U.S. Securities and Exchange Commission for its proposed spot dogecoin and Aptos exchange-traded funds. This move, according to pundits, is an indication of increased approval odds.

“Bitwise has filed amended S-1s for their spot dogecoin ETF and their spot Aptos ETFs,” Bloomberg’s senior ETF analyst Eric Balchunas observed on X. “Good signs as it indicates SEC engagement, and tracks with other spot approvals.”

Notably, the Dogecoin filing was amended to include in-kind creations and redemptions, which were not present in Bitwise’s initial application. According to Balchunas, in-kind redemptions, whereby broker-dealers interacting with the ETF can directly trade shares for DOGE tokens instead of cash, are a “near-lock” for spot crypto ETFs “across the board.”

At present, all U.S.-based crypto funds must exchange their tokens for cash, then swap that cash for shares — or swap the shares for cash, then the cash for tokens — which is considered less tax efficient.

Notably, Bitwise was the first company to submit paperwork for a Doge ETF in January. Other asset managers, including Grayscale and 21Shares, have also filed to introduce their own funds tracking the price of the OG memecoin.

Multiple issuers and industry leaders have sought in-kind creations and redemptions for months, particularly for spot BTC and Ether ETFs that are already on the market.

“You’re not adding in kind to the DOGE ETF if they didn’t say it was probably kosher,” Balchunas opined. “And if it’s kosher for the Doge ETF, it’s going to be kosher for Bitcoin, which is a much bigger market. “It’s got to be close to 100% that we’ll see in kind creations for all of [the funds].”

During a panel at the Bitcoin Policy Institute on Wednesday, US Securities and Exchange (SEC) Commissioner Hester Pierce said in-kind redemptions for crypto ETFs are “certainly on the horizon.”

Dogecoin was changing hands at approximately $ 0.1615, down 1.3% over the last 24 hours. The popular canine-themed meme coin, created by software engineers Billy Markus and Jackson Palmer, is currently ninth-ranked on the crypto leaderboard with a $24.2 billion market capitalization.

High Likelihood Of SEC Approval

The Securities and Exchange Commission under the new Donald TRUMP administration has adopted a more lenient approach to crypto when compared to the previous Biden-Harris regime.

Since the change of leadership at the SEC, companies have looked to get the agency’s approval for a slew of crypto ETFs, from ones tracking Ripple-affiliated XRP to Solana’s SOL to DOGE and Official Trump. 

Last week, Bloomberg experts raised the odds of the SEC greenlighting the majority of these spot crypto ETF filings in 2025 to 90% or above.