Bitwise took a new step in his attempt to launch the Dogecoin ETF (DOGE) by presenting an amended version of the S-1 form before the Securities and Exchange Commission (SEC).
The change was released on June 25th this year and reflects an important update. A mechanism that was not thought of in the original application.
Creating and reimbursing types of funds is a mechanism used in ETFs, allowing participants to directly exchange the underlying assets (in this case Doge) for background actions. This will improve the operational efficiency of the ETF, reduce fiscal costs, and encourage the fund’s value to more accurately reflect the price of the asset it represents.
This advance comes five months after Bitise first introduced Doge’s ETF application, as reported by Cryptonoticia in January. The updated documentation is available at SEC We are actively interacting with the publisherwhich is usually interpreted as a positive signal within a regulatory process. This is because it tends to reflect a continuing proposal, far from showing rejection.
The ETF proposed by Bitwise allows investors to be exposed to DOGE prices through traditional securities trading accounts. The fund does not use financial derivatives, according to the documents. Instead, they are trying to provide direct access to the Doge market, avoiding the technical barriers and risks associated with custody of individual cryptocurrencies.
This is the second formal proposal for the Dogecoin ETF, which was recently presented to the SEC. In January, Rex shared the investment company with Osprey Funds and registered a similar application.
In parallel with this amendment, Bitwise submitted a modified request to list the ETFs of APTOS (APT) on which the initial presentation was made on March 5th. APTOS is a cryptocurrency focused on the scalability and reliability of intelligent contracts responsible for DIEM projects developed by former members of the META team.
The SEC has not yet published public comments on these proposals.
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