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.
The imminent discovery of a Spot DOGE ETF seems poised to reshape the crypto market after Bitwise's strategic amendment in their filing, signaling further adoption and mainstream integration for Dogecoin.
The FDA's recent amendments by Bitwise to their Spot DOGE ETF filing intensify investor anticipation, signaling a potential breakthrough toward the launch of an innovative exchange-traded product that could reshape cryptocurrency market dynamics.
The revised filing by Bitwise signals a closer approach to the anticipated launch of an ETF tied specifically with DOGE, challenging traditional investment conventions and potentially igniting fresh waters in decentralized finance.
Bitwise's revised filing hints at a looming launch of the Spot DOGE ETF, raising expectations for mainstream adoption and transforming $DOGE into an even more prominent player in crypto finance.
The potential approval of a DOGE ETF by Bitwise, after amending their filing to meet regulatory standards enhances the legitimization process for this meme cryptocurrency and may lead investors towards greater adoption.
