🚀 Bitwise Supercharges Dogecoin & Aptos ETF Push as Crypto Fund Wave Accelerates

Crypto's institutional embrace hits hyperdrive as Bitwise refiles for DOGE and APT ETFs—because what's finance without a little meme magic?

The Doge Awakens (Again)

Bitwise's updated filing signals Wall Street's growing appetite for 'joke' assets with real traction—while Aptos represents the institutional darling play. Both moves ride the SEC's softening stance on crypto funds.

Behind the ETF Arms Race

With BlackRock and Fidelity already dominating Bitcoin ETF flows, smaller players like Bitwise are forced to niche down. Meme coins and layer-1s? Just portfolio diversification—the same excuse hedge funds use for vintage wine holdings.

One cynical truth: These filings aren't about tech—they're about grabbing shelf space before the SEC slams the door. Again.

TLDR

• Bitwise updated its Dogecoin and Aptos ETF filings with the SEC, adding in-kind creation and redemption features
• Bloomberg analyst Eric Balchunas says the amendments show improved engagement between fund issuers and the SEC
• The analyst predicts Dogecoin, Aptos, and other altcoin ETFs could get approval within two to four months
• In-kind features allow direct exchange of crypto assets for ETF shares, reducing costs and improving efficiency
• Other firms like Invesco filed for Solana ETFs while Cboe sought approval for Pudgy Penguins token products

Bitwise Asset Management has submitted updated filings to the U.S. Securities and Exchange Commission for its proposed Dogecoin and Aptos exchange-traded funds. The amendments include new features that analysts say point toward eventual approval.

Bloomberg Senior ETF Analyst Eric Balchunas told reporters the revised applications show warmer relations between fund companies and regulators. He noted more consistent engagement compared to the lead-up to Bitcoin ETF approvals in January 2024.

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

The updated filings add in-kind creation and redemption mechanisms that were missing from earlier versions. This feature allows ETF shares to be exchanged directly for the underlying cryptocurrency assets.

In-kind transactions eliminate the need to sell crypto to create shares, which reduces trading costs. The mechanism also helps narrow bid-ask spreads and avoids additional broker fees.

“You’re not adding in kind to the Doge ETF if they didn’t say it was probably kosher,” Balchunas said. He expects the feature to become standard across all crypto ETF products.

The Dogecoin ETF amendments come as the SEC reviews dozens of altcoin-focused fund proposals. On Wednesday, Invesco applied for a Solana-focused ETF while Cboe filed for rule changes to list a Pudgy Penguins token product.

Growing Regulatory Acceptance

Balchunas described the current regulatory environment as more cooperative than previous crypto ETF review periods. He said the SEC’s approach has shifted from creating stress for issuers to finding ways to work together.

Fund companies have submitted applications for more than 36 spot altcoin ETFs over the past year. The surge follows the success of Bitcoin and ethereum ETF launches.

Bitwise was among the first firms to file for a Dogecoin ETF in January 2025. The company also has pending applications for XRP, Solana, and NEAR Protocol funds.

The asset manager’s Bitcoin ETF has attracted over $2.1 billion in investments since approval. Its Ethereum fund holds $351 million in net inflows.

Approval Timeline and Market Impact

Balchunas expects altcoin ETF approvals to come within two to four months. He predicts the SEC will approve different assets on separate days rather than all at once.

The analyst forecasts better than 95% approval odds for Solana, XRP, and Litecoin ETFs. He assigns 90% probability to Dogecoin and other altcoin fund approvals.

“I don’t think they approve Solana, XRP, and all of them at once,” Balchunas said. “They WOULD stagger them.”

Other companies including Grayscale and 21Shares have also filed for Dogecoin ETF approval. Bitwise remains the only issuer seeking an Aptos fund.

Dogecoin was trading at approximately $0.16, down 3% over 24 hours. The meme coin has fallen 30% over the past month according to market data.

Aptos token was trading below $5, up 1.7% from the previous day. The Layer-1 blockchain token has declined over 9% in the past 30 days.

The SEC previously delayed its review of Bitwise’s Dogecoin ETF, citing the need for more assessment time. The regulator continues evaluating whether the products meet legal standards for approval.