Bitwise Asset Management has filed amended documents for ETFs on Dogecoin and Aptos, positively impacting the cryptocurrency market.
Bitwise's ETF Document Updates
On June 26, Bitwise Asset Management filed amended S-1 documents with the SEC for Dogecoin and Aptos ETFs, with the NYSE handling key submissions. This move aligns with the growing number of regulatory approvals for spot ETFs and boosts positive sentiment in the crypto market.
Dogecoin ETF Approval Odds
Eric Balchunas, Senior ETF Analyst at Bloomberg, noted, "Bitwise has submitted an amended version of the S-1 filing for its Dogecoin ETF and Aptos ETF. This is a positive signal indicating that the firm is in active dialogue with the SEC, matching the pattern seen in previous ETF approval waves."
The revised odds of approval for the Dogecoin ETF now stand at 90% due to the inclusion of in-kind creation mechanisms, which enhance product efficiency.
Historical Trends and Future of Crypto ETFs
Incorporating in-kind creation mechanisms was a pivotal update that led to higher ETF approval rates in the past, reflecting current positive outlooks towards crypto ETFs. As of June 26, Dogecoin's price is $0.16 with a market cap of over $24 billion, experiencing minor fluctuations in recent days.
The filing process and approval of ETFs for Dogecoin and Aptos indicate significant steps toward greater openness from regulators and could inspire other ETFs to adopt similar paths, suggesting potential expansion of alternative financial models.
