Bitwise Asset Management has updated its applications for ETFs focused on Dogecoin and Aptos, potentially increasing the likelihood of SEC approval.
Amended Bitwise Applications
Recently, Bitwise Asset Management submitted amended applications for their proposed ETFs focused on Dogecoin and Aptos to the SEC. This has become significant news amidst increasing engagement between issuers and regulators.
Changes in ETF Proposals
The amended proposals now include 'in-kind' creation and redemption mechanisms. This feature allows ETF shares to be exchanged directly for the underlying crypto asset, which can enhance tax efficiency and reduce market impact.
Approval Predictions for ETFs
Bloomberg analyst Eric Balchunas remarked that these updates signal positive momentum and increased interest in crypto spot ETFs. Other analysts, including James Seyffart, estimate an 80% chance of approval for the Dogecoin ETF.
The amended ETF applications from Bitwise for Dogecoin and Aptos generate additional hope for SEC approval, which may represent a significant step towards fostering institutional interest in cryptocurrency products.
