Bitwise has taken a significant step forward in the race to launch the first spot Dogecoin ETF, updating its application with the U.S. Securities and Exchange Commission (SEC). This move has sparked renewed optimism among crypto enthusiasts and traditional investors alike, as the possibility of a regulated Dogecoin investment vehicle edges closer to reality .
Key Changes in the Bitwise Filing
The latest amendment to Bitwise’s spot Dogecoin ETF proposal introduces a notable feature: in-kind creation and redemption. This mechanism allows authorized participants to create or redeem ETF shares using Dogecoin itself, rather than cash. According to Bloomberg ETF analyst Eric Balchunas, this update aligns with recent trends in crypto ETF approvals and signals productive engagement between Bitwise and the SEC . In-kind transactions are becoming a standard for spot crypto ETFs, as they streamline operations and reduce friction for institutional investors .
How Does Dogecoin’s ETF Path Compare to XRP?
While excitement is building around a potential Dogecoin ETF, market analysts believe that an XRP ETF is likely to receive approval first. Bloomberg’s Eric Balchunas and James Seyffart have raised the probability of an XRP ETF approval in 2025 to 95%, compared to a 90% chance for Dogecoin this year . Several factors give XRP an edge:
• XRP has a regulated futures market on the CME, which strengthens its case with regulators.
• Seven asset managers have filed for an XRP ETF, versus three for Dogecoin.
• The ongoing SEC lawsuit involving XRP is nearing resolution, removing a key obstacle .
Despite these differences, both the Dogecoin and XRP ETF applications share a final SEC decision deadline of October 17, 2025. This means both could potentially be approved on the same day, marking a major milestone for the crypto ETF landscape .
What’s Next for Dogecoin and the ETF Market?
The SEC’s review process for new crypto ETFs is thorough, often involving multiple rounds of feedback and amendments. Bitwise’s willingness to update its filing in response to regulatory input is seen as a positive sign by market observers . Other issuers, such as 21Shares and Grayscale, are also in the running, with 21Shares recently amending its own Dogecoin ETF application .
A spot Dogecoin ETF would open the door for traditional investors to gain exposure to DOGE without the complexities of managing digital wallets or using crypto exchanges. It would also further legitimize Dogecoin as an investable asset, following the path set by Bitcoin and Ethereum ETFs in the U.S. market .
At the time of writing, Dogecoin is trading around $0,16, reflecting increased interest as ETF speculation grows.
