Bitwise Updated DOGE and APT ETF Applications with an In-Kind Redemption Model: 31 Altcoin ETF Applications Filed in the First Half of 2025

Crypto investment firm Bitwise made a significant update in its ETF applications focused on Dogecoin (DOGE) and Aptos (APT). The company reported in new documents submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday that it prefers the in-kind redemption mechanism for these funds.

This revision, along with the 31 different altcoin ETF applications that came to the SEC's agenda in the first half of 2025, shows that interest in and the evaluation process for altcoin ETFs has gained momentum among regulators.

What is In-Kind Redemption and Why is it Important?

The in-kind redemption model allows ETF investors to exchange their fund shares directly with the underlying crypto assets (such as DOGE or APT tokens). This structure is generally considered more tax-efficient than cash redemptions and stands out as a more effective investment vehicle for both institutional and individual investors.

The SEC had evaluated in-kind creation/redemption structures for spot Bitcoin and Ethereum ETFs in February. Speaking on the matter, SEC Commissioner Hester Peirce indicated during a panel held on Wednesday that such structures could "become widespread in crypto ETFs in the near future."

How Has the DOGE and APT ETF Process Progressed?

Bitwise submitted DOGE and APT ETF applications to the SEC in January and March 2025, respectively. These new updates encompass regulations made to the application documents regarding the fund's operation, technical infrastructure, and disclosures as a natural part of the ETF evaluation process.

Solomon Tesfaye, head of capital markets at Aptos Labs, stated in an interview with Cointelegraph that ETFs could serve as a bridge between traditional finance and next-generation blockchain projects:

"ETF access is a critical step in the integration of Aptos and other first-layer projects into traditional markets. This situation enhances institutional liquidity and provides regulatory clarity."

Key Details About DOGE and APT

Dogecoin (DOGE): Developed by Billy Markus and Jackson Palmer, this memecoin currently holds the position of the eighth largest cryptocurrency with a market cap of approximately $24.1 billion. It operates on its own blockchain and is referred to as "the most honest sh*tcoin" by Galaxy Digital. Other major investment firms like Grayscale and 21Shares have also filed DOGE ETF applications.

Aptos (APT): APT, the native token of the Aptos blockchain developed by former Meta engineers, ranks in the top 35 with a market cap of approximately $2.85 billion. According to the Cointelegraph index, APT's 52-week high was recorded at $20.

Notable Increase in Altcoin ETF Applications

In just the first half of 2025, at least 31 altcoin ETF applications were filed with the SEC. These applications cover a wide range of assets from governance tokens to memecoins, from derivatives to basket products.

The increase in altcoin ETFs seems to be supported by former President Donald Trump's crypto-friendly rhetoric and the SEC's more flexible approach.

However, while these ETFs have the potential to attract more investors to the crypto market, critics argue that these products go against the decentralized nature of crypto and could undermine ideals of financial freedom.


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