Bitwise files amended S-1s for its spot Dogecoin ETF and Aptos ETFs

Bitwise Asset Management has filed an amended S-1 registration statement for its proposed spot Dogecoin and Aptos exchange-traded funds with the US Securities and Exchange Commission (SEC). The updated filings were submitted on Thursday, exactly two weeks after the regulator postponed its review of the Dogecoin ETF.

According to Bloomberg Intelligence Senior ETF Analyst Eric Balchunas, the revised filings are a positive development. “Good signs as it indicates SEC engagement, and tracks with other spot approvals,” Balchunas wrote on X.

Bitwise had originally filed for the Dogecoin ETF in January and followed with the Aptos ETF application in March. The San Francisco-based asset manager already has other crypto ETF offerings like the Bitwise Bitcoin ETF (BITB), and several other applications pending, including one for an XRP-focused fund.

Bitwise DOGE and Aptos ETF filings amended

Bitwise’s initial DOGE S-1 filing showed that it was requesting the registration of its ETF under the Securities Act of 1933, also known as the ’33 Act. This differs from earlier applications by firms Rex Shares and Osprey Funds, which used the Investment Company Act of 1940 framework.

The ’40 Act has more profound investor protections, including stricter governance requirements, but the ’33 Act is used for commodity-based and physically-backed ETFs. The approach may give Bitwise flexibility in structuring these funds, although it also subjects them to a different regulatory lens.

Meanwhile, Bitwise’s Aptos ETF, if approved, would become the first US-based fund focused solely on APT, the native token of the Aptos blockchain. The firm registered a Delaware trust for the Aptos ETF on February 28 and filed the corresponding S-1 with the SEC on March 5.

The fund does not propose a staking mechanism, even though Aptos is a proof-of-stake blockchain. 

The firm will also need to submit a 19b-4 form to trigger the SEC’s official review window. Once the SEC acknowledges the filing, a 240-day countdown begins for the agency to issue a final decision.

‘In-kind’ creation is an addition to the Dogecoin ETF filing

One update in Bitwise’s amended Dogecoin ETF filing is the inclusion of in-kind creations and redemptions. This could allow authorized participants to deliver or receive Dogecoin directly rather than converting to or from cash. The initial January filing lacked this provision.

In-kind transactions are favored for reducing slippage and improving tax efficiency, and their inclusion is seen as a regulatory necessity for future spot crypto ETFs.

Coinbase Custody will serve as the custodian for the Dogecoin ETF as well. However, the SEC has yet to approve the fund, having extended its review period on June 12 to assess concerns over market risks and investor protection. The Dogecoin ETF was initially filed on March 3 and opened to public comment shortly after.

On Wednesday, asset manager IDX filed for a hybrid ETF offering exposure to both gold and Bitcoin. The proposed fund will not hold physical assets but will instead invest through a mix of futures, options, swaps, and other exchange-traded products. 

Per the SEC’s prospectus, the fund will operate via a Cayman Islands subsidiary and comply with US tax laws on a 1.25x leveraged exposure.

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