Bitwise Revises DOGE ETF Strategy as SEC Greenlight Grows Likely
Bitwise updates its Dogecoin ETF filing with in-kind redemptions, signaling rising SEC approval chances amid shifting regulatory tides.
Bitwise is once again pushing the boundaries of crypto finance, updating its application for a U.S.-listed spot Dogecoin (DOGE) exchange-traded fund (ETF). The amended filing, released Thursday, includes in-kind redemptions—a technical but significant tweak that reflects rising confidence in eventual approval from the Securities and Exchange Commission (SEC).
In-kind redemptions allow broker-dealers to trade DOGE tokens directly for ETF shares, skipping the usual cash conversions. This model, already used in traditional finance, is seen as more efficient and less tax-heavy—a key feature for any serious crypto ETF.
This isn't just about paperwork. Bitwise's revised filing marks a turning point in the evolving conversation between crypto issuers and U.S. regulators. Until recently, all crypto ETFs in the U.S. had to rely on cash-based systems. Now, with the SEC showing signs of adapting—especially under the new Trump administration—Bitwise and others see a clear opening.
Bitwise was the first to propose a DOGE ETF back in January. Since then, competitors like Grayscale and 21Shares have joined the race. But Bitwise’s early move and willingness to adapt give it a distinct edge.
In-kind redemption has long been a sticking point for ETF providers. Advocates argue it's essential for aligning crypto ETFs with the infrastructure of traditional markets. Critics worry it introduces new risks. But the regulatory mood appears to be shifting.
Even SEC Commissioner Hester Peirce recently commented that in-kind redemptions are "certainly on the horizon." With that, and growing speculation around mass ETF approvals in 2025, the door seems more open than ever.
DOGE, the once-joke cryptocurrency born in 2013, is no longer a meme in market terms. It currently trades at about $0.1615, with a $24.2 billion market cap—good enough for ninth place in the global crypto rankings.
The ETF landscape is changing fast. Bitcoin and Ethereum were only the beginning. With tokens like DOGE, SOL, and even XRP gaining serious institutional interest, Bitwise’s latest move could help define the next phase.
