The summer of 2024 is proving to be a transformative period for cryptocurrency exchange-traded funds (ETFs) in the United States. Bitwise Asset Management, a prominent player in the digital asset ETF space, has recently amended its S-1 registration statements for two groundbreaking funds: a spot Dogecoin (DOGE) ETF and a first-of-its-kind Aptos (APT) ETF. These amendments are not merely procedural; they signal a deepening engagement with the U.S. Securities and Exchange Commission (SEC) and reflect the rapidly evolving landscape of altcoin-based ETFs in the U.S.
Setting the Scene: From Bitcoin to the Meme Coin and Beyond
The journey of crypto ETFs in the U.S. has been marked by cautious regulatory progress. Bitcoin ETFs broke the ice in early 2024, attracting billions in inflows, followed by Ether ETFs after a more contentious approval process. The enthusiasm for crypto ETFs quickly spread to other digital assets, but the SEC maintained a high bar for approval, emphasizing transparency, market surveillance, custody controls, and, in some cases, sheer persistence.
Bitwise, already a well-established name in the ETF world, is now pushing the boundaries with its filings for Dogecoin and Aptos. Dogecoin, the meme coin that has defied expectations with its longevity, and Aptos, a high-performance blockchain with ambitions beyond its current market cap, represent two very different but equally significant steps in the evolution of crypto ETFs. The amendments to the S-1 filings suggest progress, but what do they mean for investors, regulators, and the broader crypto ecosystem?
Deconstructing the Amended Filings: What Changed and Why It Matters
Dogecoin ETF: Emulating Dramatically Successful Predecessors
Bitwise’s revised S-1 for the spot Dogecoin ETF incorporates key lessons from the approval of Bitcoin and Ether ETFs. One of the most significant changes is the adoption of in-kind creation and redemption processes. This mechanism, already used in Bitcoin and Ether ETFs, allows for the issuance and redemption of ETF shares using cryptocurrency itself rather than cash. This approach enhances capital efficiency and reduces conversion costs, making the ETF more attractive to institutional investors and improving liquidity.
Bloomberg analyst Eric Balchunas described the amendment as a “huge” step, noting that in-kind creations and redemptions align the Dogecoin ETF with the successful launches of its predecessors. This move also suggests a deeper regulatory dialogue, indicating that the SEC is actively engaging with Bitwise rather than dismissing the proposal outright. For analysts, each round of S-1 amendments represents progress, as they reflect the SEC’s responses to specific concerns, such as market manipulation risks and liquidity.
Aptos ETF: Ambition Beyond the Meme
While Dogecoin may be the more recognizable name, Aptos represents a different kind of milestone. If approved, Bitwise’s Aptos ETF would be the first of its kind in the U.S. The structure of the ETF mirrors other spot crypto offerings, tracking the price of APT with robust custody and transparent pricing mechanisms. This move underscores Bitwise’s strategic vision, as Aptos is a blockchain designed for high throughput and developer-friendly features, appealing to both technologists and institutional investors.
Interestingly, Bitwise had already registered a Delaware trust for the Aptos ETF back in February, indicating long-term planning. The timing of the amendments, coming shortly after other firms filed for Solana ETFs, suggests a competitive race among asset managers to capture first-mover advantage in the next generation of blockchain-based ETFs.
SEC Engagement: The Key to the Next Crypto ETF Wave
The SEC remains the primary gatekeeper for new crypto-linked ETFs in 2024. Reports from industry insiders and multiple outlets indicate ongoing behind-the-scenes negotiations, with each S-1 amendment serving as evidence of continued dialogue rather than outright rejection. Eric Balchunas described the tone of these discussions as “encouraging,” signaling that the SEC is seriously considering these proposals.
The SEC’s primary concerns revolve around investor protection, market manipulation risks, and liquidity. The approval of spot Bitcoin ETFs required extensive discussions about pricing indices and custody solutions. Bitwise’s decision to incorporate features like in-kind transactions and detailed disclosures directly addresses these concerns, demonstrating the industry’s rapid adaptation to regulatory expectations.
Why This Matters: A Tipping Point for Altcoin Recognition
Widening the ETF Universe
If approved, the Dogecoin and Aptos ETFs would significantly expand the ETF universe, providing mainstream investors with exposure to altcoins that were previously inaccessible through traditional brokerages and retirement accounts. This could lead to increased liquidity, transparency, and price stability for assets like DOGE and APT, which are primarily traded on crypto-native exchanges with varying rules and practices.
Mainstreaming Meme and Utility Coins
Dogecoin’s enduring popularity is rooted in internet culture, social media, and occasional endorsements from high-profile figures. However, an ETF would elevate DOGE beyond its “joke coin” reputation, offering institutional-grade custody, reporting, and regulation. This could shift perceptions of Dogecoin as a legitimate asset class rather than a speculative meme.
Aptos, developed by former Meta engineers with a focus on scalability and developer experience, appeals to institutional investors seeking the “next big chain” after Ethereum and Solana. ETF approval would position Aptos alongside established players, drawing attention to its adoption metrics and technological capabilities.
Signal to Market: Regulatory Progress and Competitive Positioning
Each S-1 amendment serves as a barometer for SEC sentiment. The fact that Bitwise is actively resubmitting its filings for DOGE and APT suggests a thaw in the regulatory environment surrounding spot crypto ETFs. Other asset managers are likely to follow suit, particularly if the SEC approves these proposals, as it would set a precedent for future approvals of ETFs tied to other altcoins, such as XRP or Cardano.
The rapid pace of innovation is also noteworthy. Just weeks ago, Bitwise amended its spot Solana ETF S-1, and at least seven firms are reportedly vying for a piece of the Solana market. With each amendment, the industry refines its approach, pressuring the SEC to clarify and harmonize its approval criteria.
Investor Takeaways: Opportunity, Volatility, and a Dose of Reality
The shift toward spot altcoin ETFs presents both opportunities and risks for investors.
– Accessibility: These ETFs make previously hard-to-access assets available through familiar brokerage accounts, lowering the barrier to entry for mainstream investors.
– Liquidity and Price Discovery: Increased institutional participation could deepen order books, tighten spreads, and reduce speculative volatility over time—though this is not guaranteed.
– Risk Profile: Unlike Bitcoin and Ethereum, altcoins remain more volatile, with thinner order books and unique risks, including technological, regulatory, and reputational challenges.
It’s important to note that ETF approval does not equate to technological validation. A Dogecoin ETF does not inherently make DOGE a “serious” payment option, just as a gold ETF does not change the fundamental uses of gold. For Aptos, the ETF spotlight may outpace real-world adoption, leading to speculative surges and corrections.
Conclusion: The Road Ahead—From Speculation to Serious Finance
The amendments to the S-1 filings for the spot Dogecoin and Aptos ETFs mark a significant turning point. Once-unthinkable coins are now being considered for inclusion in the world’s most regulated capital markets, and asset managers like Bitwise are proving relentless in their pursuit. If the SEC ultimately approves these products, the mainstreaming of altcoins will accelerate, bringing new capital, scrutiny, and legitimacy to the crypto space.
What began as an experiment in decentralized money and memes is rapidly evolving into a contest to build the safest, most transparent bridge between the crypto wilds and Wall Street. With each high-profile amendment, Bitwise and its peers make a compelling case that crypto ETFs—whether tied to Bitcoin, meme coins, or utility tokens—are not just a passing trend but a new pillar of modern portfolios.
As regulators deliberate and filings multiply, the question of “when Dogecoin ETF?” may soon be replaced by “what next?” The answer, it seems, is that anything now feels possible.
