Bitwise Pushes Forward with DOGE and APT ETFs, Adds In-Kind Redemptions
Over 70 Crypto ETF Applications Await SEC Review as Market Matures
Bitwise Tweaks ETF Filings to Woo SEC and Investors
Bitwise Asset Management has made strategic amendments to its proposed Dogecoin (DOGE) and Aptos (APT) exchange-traded funds (ETFs), adding in-kind redemption mechanisms—a structure that could make the funds more tax-efficient and appealing to both institutional and retail investors.
According to regulatory filings submitted Thursday, the move aims to align the ETFs with evolving SEC guidance and bolster investor confidence as the race for crypto ETFs intensifies.
What Are In-Kind Redemptions and Why Do They Matter?
In-kind redemptions allow investors to swap ETF shares directly for the underlying cryptocurrency—in this case, DOGE or APT—instead of receiving cash. This process helps avoid taxable events and is widely considered the preferred structure among ETF managers and large traders.
Earlier this year, the SEC invited comments on similar provisions for Bitcoin and Ether spot ETFs, signaling openness to the structure. SEC Commissioner Hester Peirce reinforced this view during a panel at the Bitcoin Policy Institute, stating that in-kind crypto ETF redemptions are “on the horizon.”
Aptos ETF Could Be a Market Catalyst
Bitwise’s proposed Aptos ETF, first filed in March, could represent a milestone for Layer 1 blockchains, says Solomon Tesfaye, head of capital markets at Aptos Labs.
“ETF access would mark a major step forward in integrating Aptos and other L1s into traditional capital markets,” Tesfaye told Cointelegraph.
“It would inject significant capital, enhance liquidity and provide the regulatory validation that institutions need.”
DOGE ETF Joins Growing Line of Memecoin Products
The Dogecoin ETF, first proposed in January, would capitalize on the memecoin’s $24.1 billion market cap and popularity among retail traders. DOGE, which runs on its own proof-of-work blockchain, was originally created by Billy Markus and Jackson Palmer as a joke, but has since become a serious player.
Galaxy Digital famously called Dogecoin “the most honest sh*tcoin”, and Bitwise now joins Grayscale and 21Shares in seeking SEC approval for DOGE-based products.
Altcoin ETF Pipeline Grows Under Trump-Era Regulatory Shifts
According to Cointelegraph Research, 31 altcoin ETF filings were submitted in the first half of 2025 alone. As of April 21, more than 70 crypto ETFs are pending review, with underlying assets ranging from governance tokens to memecoins and crypto derivatives.
The surge comes amid the SEC’s more flexible stance on digital assets under President Trump’s administration.
Yet, some critics argue that ETFs defeat the purpose of crypto by centralizing access and “undermining decentralization.”
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