On June 27, 2025, Bitwise Asset Management updated its filings for proposed Dogecoin (DOGE) and Aptos (APT) ETFs, incorporating in-kind creations and redemptions. This change allows investors to exchange ETF shares directly for the underlying cryptocurrencies, potentially boosting tax efficiency and investor appeal. This move comes amidst the SEC's ongoing review of numerous cryptocurrency ETF applications.
The SEC is currently evaluating over 70 cryptocurrency ETF applications as of April 2025. Commissioner Hester Peirce has hinted at the imminent approval of in-kind redemptions for crypto ETFs, reflecting growing industry interest. Aptos, a Layer 1 blockchain, has gained institutional recognition, while Dogecoin, with a market cap of $24 billion, has not seen similar breakthroughs.
The inclusion of in-kind redemptions is seen as a positive step towards regulatory approval. Critics, however, argue that crypto ETFs centralize digital assets. The SEC is expected to make decisions on these applications in the coming months.