According to the document submitted on Thursday, Bitwise has revised its proposed Dogecoin (DOGE) and Aptos (APT) exchange-traded funds (ETFs) to include an option for physical redemptions. This update comes as discussions around altcoin ETFs and redemption structures heat up among U.S. regulators.
Physical redemption allows investors to directly exchange ETF shares for the underlying tokens. This mechanism is considered more tax-efficient and appealing to a range of investors from institutions to retail.
In February of this year, the U.S. Securities and Exchange Commission (SEC) sought comments on a proposal allowing spot Bitcoin (BTC) and Ethereum (ETH) ETFs to conduct physical creations and redemptions. During a panel discussion at the Bitcoin Policy Institute on Wednesday, SEC Commissioner Hester Pierce stated that physical redemptions for cryptocurrency ETFs are on the horizon.
Bitwise initially filed for the Dogecoin (DOGE) and Aptos (APT) ETFs earlier this year, submitting documents to the SEC in January and March, respectively. The revisions are a standard part of the ETF review process, allowing entities to respond to SEC feedback by altering the fund's structure, mechanisms, and disclosures.
Solomon Tesfaye, head of capital markets at Aptos Labs, told Cointelegraph in an interview, "The launch of the ETF will mark an important step for Aptos and other layer one blockchains to integrate into traditional capital markets." He added, "This will be a game changer. It will inject significant capital, enhance liquidity, and provide the regulatory recognition that institutions need."
The popular meme coin Dogecoin (DOGE), created by software engineers Billy Markus and Jackson Palmer, is the eighth-largest cryptocurrency with a market cap of $24.1 billion. It operates on its own blockchain and is referred to by Galaxy as "the most honest shitcoin." Bitwise's competitors Grayscale and 21Shares have also applied to launch a DOGE ETF.
Aptos (APT) is the native token of a blockchain created by former Meta engineers and is the 32nd largest cryptocurrency with a market cap of $2.85 billion, with a 52-week high of $20 according to Cointelegraph Index.
As of April 21, over 70 cryptocurrency ETFs are awaiting SEC review, with portfolios containing a variety of assets ranging from governance tokens to meme coins and derivatives.
Since Donald Trump's presidency, the SEC's stance on the crypto industry has shifted, leading to an increase in altcoin ETF applications. According to Cointelegraph Research, at least 31 altcoin ETF applications have been submitted for the first half of 2025.
Critics argue that cryptocurrency ETFs centralize what should be decentralized, undermining the concept of financial empowerment.
Related: Trump-backed World Liberty to release stablecoin audit report, making WLFI transferable
Original article: “Bitwise Adds In-Kind Redemptions to DOGE and APT ETF Filings”
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