A spot dogecoin ETF DOGE may be coming closer to reality.
ETF issuer Bitwise updated a regulatory filing for its dogecoin ETF on Thursday, suggesting approval chances could be growing, according to one expert.
“Bitwise has filed amended S-1s for their spot dogecoin ETF and their spot aptos ETFs,” wrote Bloomberg Intelligence’s Eric Balchunas. “Good signs as it indicates SEC engagement, and tracks with other spot approvals.”
Also noteworthy is the fact that the dogecoin ETF filing was amended to include in-kind redemptions and creations, meaning that the broker-dealers interacting with the ETF can directly trade shares for DOGE tokens, or vice versa.
“Near-lock at this point that in kind will be allowed in spot ETFs across board,” Balchunas added.
As of right now, all U.S.-based crypto ETFs must swap their tokens for cash, then swap that cash for shares (or swap the shares for cash, then the cash for tokens), which creates a tax event.
The news isn’t helping prices much, with DOGE lower by about 2% over the past 24 hours to $0.16.
21Shares has also filed for a dogecoin ETF, while Grayscale has filed for a dogecoin trust with a 2.5% fee.