Bitwise has recently updated its filings with the U.S. Securities and Exchange Commission (SEC) for its proposed spot Dogecoin (DOGE) and Aptos (APT) exchange-traded funds (ETFs), including a key provision for in-kind redemptions. This move is viewed by analysts as a positive signal of engagement with the SEC and aligns with the trajectory of other spot ETF approvals.

The updated S-1 filings, submitted on Thursday, June 26, 2025, incorporate in-kind creations and redemptions, a feature that was notably absent in Bitwise's initial filings. In-kind redemptions allow shares to be redeemed for the underlying assets held by the fund, rather than cash. Bloomberg senior ETF analyst Eric Balchunas characterized in-kind redemptions as a "near-lock" for crypto funds "across the board." This mechanism is favored by issuers and investors alike, as it can reduce slippage and improve tax efficiency. SEC Commissioner Hester Peirce also acknowledged the significant interest in allowing in-kind creations and redemptions for existing spot Bitcoin ETFs, indicating that the SEC is actively considering these requests.

Bitwise was the first to file for a Dogecoin ETF in January 2025 and remains the only issuer to have applied for an Aptos fund, initially filed in March 2025. If approved, Bitwise's Aptos ETF would be the first U.S.-based fund focused solely on APT, the native token of the Aptos blockchain. While the Aptos ETF does not propose a staking mechanism, Bitwise already has experience with Aptos staking through its Aptos Staking ETP listed on the Swiss stock exchange SIX Swiss Exchange since November 2024.

The SEC has yet to approve the Dogecoin ETF, having extended its review period on June 12, 2025, to further assess concerns related to market risks and investor protection. Despite the delay, the amended filings are seen as a promising step towards potential SEC approval. Bloomberg analysts have recently raised the odds of approval for a Dogecoin ETF this year to 90%. The New York Stock Exchange has already filed a 19b-4 form for the Dogecoin ETF, initiating the formal approval process.

Several other firms, including Grayscale and 21Shares, have also applied to offer a DOGE ETF, reflecting growing institutional interest in the asset. Grayscale launched a Dogecoin Trust in January 2025 and has since filed to have it converted into a spot Dogecoin ETF, similar to its successful conversion of its Bitcoin trust into a spot BTC ETF.

Aptos, a Layer 1 blockchain developed by Aptos Labs, has a market capitalization of $3 billion, ranking it as the 41st-largest cryptocurrency. Dogecoin, on the other hand, has the ninth-largest market cap among cryptocurrencies, standing at $24 billion.

The potential approval of spot Dogecoin and Aptos ETFs could follow a similar pattern to Ethereum's ETF approval.