Bitwise DOGE, APT ETF proposal includes "physical redemption", under SEC review

At the time when the U.S. Securities and Exchange Commission (SEC) is actively re-evaluating the structure and regulations of encryption ETFs, the ETF issuer Bitwise submitted application documents to the SEC on 6/27 for its DOGE (DOGE) and APT encryption ETFs, and added a physical redemption mechanism.

Why physical redemption is important, the SEC is actively reviewing.

In-kind redemption mechanism ( means that investors can directly exchange the underlying encryption when redeeming the encryption ETF, rather than settling in cash. For investors, this not only achieves tax-saving effects but also reduces the operational costs for institutions managing the fund. The SEC had publicly solicited market opinions earlier this year in February regarding the spot ETFs for Bitcoin )BTC( and Ethereum )ETH( to explore whether to allow "in-kind creation and redemption."

The SEC commissioner Hester Peirce, commonly known as "Crypto Mom," stated on June 25 at the 2025 Bitcoin Policy Summit held in Washington, "The physical redemption is currently under review."

) encryption mother Hester Peirce: Bitcoin ETF physical redemption mechanism "is under review process" (

DOGE and APT ETF were proposed at the beginning of the year and are currently under revision for filing.

In January of this year, Bitwise submitted an S-1 registration application for a DOGE ETF to the SEC, and in March, it submitted the application documents for an APT ETF. Currently, both applications have entered the "filing amendment" stage. This is one of the key steps in the ETF review process, where the applicant can modify the ETF structure, mechanism, and information disclosure based on feedback from the SEC.

Trump drives the development of the encryption industry, with 72 cryptocurrency ETFs pending approval in 2025.

Since Trump returned to the White House in January this year, he has repeatedly stated his intention to turn the U.S. into the "global cryptocurrency capital." Not only has he issued an executive order to establish a special working group within the SEC and appointed former PayPal executive David Sacks as the U.S. "AI Crypto Czar," but he is also planning to sign an executive order to halt Chokepoint 2.0, supporting the crypto industry against bank discrimination, which indeed accelerates the policy development of the crypto industry and aligns it with the capital market.

According to Bloomberg analyst Eric Balchunas's tweet on 4/21, )X(, there are already 72 cryptocurrency ETFs waiting for SEC approval for listing, including ETFs for Ripple )XRP(, Litecoin )Litecoin(, and SOL to Fat Penguin )Penguins( that are currently under review.

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