The cryptocurrency market is abuzz as Bitwise Asset Management has submitted revised S-1 registration statements to the U.S. Securities and Exchange Commission (SEC) for its proposed spot Dogecoin ETF, Spot Aptos ETF, and a newly added Spot Solana ETF. This move signals growing institutional interest in altcoin-based investment products, despite regulatory hesitations.
Key Changes in the Amended Filings :
The updated filings introduce in-kind creation and redemption mechanisms, allowing authorized participants to exchange shares directly for the underlying cryptocurrencies. This adjustment aligns with the SEC’s preference for in-kind transactions, which were also a critical factor in the approval of spot Bitcoin ETFs.
The SEC had previously delayed Bitwise’s Dogecoin ETF application on June 12, 2025, citing concerns over market volatility and investor protection. However, with the agency now actively engaging with ETF issuers—including those for Solana and Aptos—analysts like Bloomberg’s Eric Balchunas estimate a 90% chance of approval by late October 2025.
What’s Next in the Approval Process?
Following the amended S-1 filings, the next step involves exchanges submitting Form 19b-4 to the SEC, which outlines proposed rule changes for listing these ETFs. The SEC’s recent interactions with fund managers mirror the process seen before the spot Bitcoin ETF approvals in early 2024, suggesting a structured pathway for altcoin ETFs.
Market Reactions and Price Implications: While the prospect of spot Dogecoin, Aptos, and Solana ETFs has sparked optimism, the market response remains uncertain. Historical trends show that Ethereum’s ETF approval was followed by a short-term price dip, as traders capitalized on the news. Similarly, altcoins like DOGE, APT, and SOL may experience volatility, especially with Bitcoin struggling to sustain momentum above $110K.
1- Dogecoin (DOGE):Meme coin sentiment could drive short-term speculation.
2- Aptos (APT):As a newer Layer-1 blockchain, institutional backing could boost adoption.
3- Solana (SOL): High-speed transactions and DeFi activity make it a strong ETF candidate.
Are Altcoin ETFs an Exit Strategy for Institutions?
Some analysts warn that the rush for altcoin ETFs may indicate institutional profit-taking, as these products provide an easier exit route compared to direct crypto holdings. If approved, these ETFs could either fuel a new altseason or trigger a sell-off as early investors cash out.
Final Thoughts: With the SEC’s decision expected in the coming months, the crypto community is watching closely. If approved, Bitwise’s Dogecoin, Aptos, and Solana ETFs could open doors for more altcoin-based financial products, reshaping the landscape of digital asset investing.
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