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Bitwise Advances with Amended Spot Dogecoin ETF Filing
Bitwise has recently revised its registration for a spot Dogecoin ETF, sparking hope that the crypto fund’s approval could be imminent. According to Bloomberg analysts Eric Balchunas and James Seyffart, while the anticipation is high, XRP ETFs are still expected to be approved before those centered on Dogecoin.
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Understanding Bitwise’s Latest S-1 Amendment
The amended registration with the SEC by Bitwise has generated optimism regarding the potential approval of its spot Dogecoin ETF. In a statement shared on social media, Balchunas highlighted that the amendment is a positive indicator of Bitwise’s active engagement with the Commission.
The Bloomberg analyst noted that this amendment aligns with trends observed in other spot ETF approvals. A significant update in the amendment is the inclusion of in-kind creations and redemptions, allowing authorized participants to utilize DOGE instead of cash for transactions. This feature was not part of Bitwise’s original filing in January, but Balchunas is confident that in-kind mechanisms will soon be standard across all spot ETFs.
In addition to Bitwise, companies like 21Shares and Grayscale have also submitted filings to establish a Dogecoin ETF. Earlier this month, 21Shares also updated its S-1 registration for its spot DOGE ETF, with Balchunas remarking that such amendments typically follow feedback from the SEC. This suggests that the Commission may be providing input to potential DOGE ETF issuers.
Unlike Bitwise and 21Shares, Grayscale has yet to submit an amended filing, but this may change if the SEC is indeed offering guidance. This process mirrors the amendments made by prospective Solana ETF issuers, following Commission directives.
Comparing the Prospects of DOGE and XRP ETFs
Balchunas and Seyffart suggest that the approval of spot Dogecoin ETFs is unlikely to precede that of XRP ETFs. The analysts have increased their estimated approval likelihood for an XRP ETF in 2025 to 95%, while predicting a 90% chance of DOGE ETF approval this year.
The presence of a regulated futures market for XRP via the CME gives XRP ETFs an edge over Dogecoin ETFs. There are seven asset managers pursuing XRP ETFs compared to three for DOGE. The resolution of the XRP lawsuit is another favorable aspect. However, both XRP and Dogecoin ETFs have an October 17 SEC deadline, meaning simultaneous approval is possible.
As of now, Dogecoin’s market price stands at approximately $0.16, showing an increase over the past 24 hours, according to CoinMarketCap data.
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