Bitwise has updated its proposed Dogecoin and Aptos ETFs to incorporate in-kind redemptions, according to filings submitted on Thursday. This adjustment reflects ongoing discussions with U.S. regulators regarding the future framework for altcoin funds and investor access to the underlying digital assets.

根据周四提交的文件，Bitwise已更新了其拟议的Dogecoin和Aptos ETF，以纳入实物赎回。这种调整反映了与美国监管机构关于替代基金的未来框架和投资者访问基础数字资产的框架的持续讨论。

In-kind redemptions allow investors to exchange ETF shares directly for the corresponding cryptocurrency, rather than cash. This mechanism offers potential tax benefits and aligns the ETF structure more closely with the preferences of many crypto-native investors.

实物兑换使投资者可以直接将ETF股票交换为相应的加密货币，而不是现金。这种机制提供了潜在的税收优惠，并更加与许多加密本地投资者的偏好更加一致。

The approach is viewed favorably by both retail and institutional investors, who see it as a means to reduce costs and enhance liquidity within the ETF.

零售和机构投资者都对这种方法有利，他们将其视为降低成本并增强ETF内流动性的一种手段。

In-Kind Creations and Redemptions

实物创造和救赎

Earlier this year, the U.S. Securities and Exchange Commission (SEC) solicited feedback on proposals to integrate in-kind creations and redemptions for spot Bitcoin and Ether ETFs. During a recent panel hosted by the Bitcoin Policy Institute, SEC Commissioner Hester Peirce indicated that approvals for in-kind redemptions within crypto ETFs may be forthcoming, adding impetus to ETF issuers’ plans.

今年早些时候，美国证券交易委员会（SEC）征求了有关将现货比特币和以太ETF的实物创造和赎回的提议的反馈。 SEC专员Hester Peirce在最近由比特币政策研究所主持的小组中表明，对Crypto ETF内的实物兑换的批准可能即将到来，这为ETF发行人的计划增加了动力。

Bitwise initially filed for its Dogecoin ETF in January and its Aptos ETF in March. Amendments to ETF proposals are a standard part of the regulatory review process, allowing issuers to refine fund structures based on SEC input.

Bitwise最初于1月份申请其Dogecoin ETF及其3月的Aptos ETF。对ETF提案的修订是监管审查过程的标准部分，使发行人可以根据SEC投入来完善基金结构。

Solomon Tesfaye, head of capital markets at Aptos Labs, highlighted the importance of ETF access for Aptos and similar Layer 1 networks. “ETF access would mark a major step forward in integrating Aptos and other L1s into traditional capital markets,” Tesfaye stated, describing it as a potential "game-changer" for liquidity, capital inflows, and institutional validation.

Aptos Labs资本市场负责人所罗门·特斯法伊（Solomon Tesfaye）强调了ETF访问对APTO和类似层1网络的重要性。特斯法伊说：“ ETF的访问将标志着将APTO和其他L1集成到传统资本市场中的重要一步。”

Dogecoin, known for its memecoin origins and a market capitalization of $24.1 billion, continues to attract ETF interest. Grayscale and 21Shares have also filed to launch DOGE ETFs. Aptos, developed by former Meta engineers, is the 32nd-largest cryptocurrency with a market capitalization of $2.85 billion and a 52-week high of $20.

Dogecoin以其成长起源和241亿美元的市值而闻名，它继续吸引ETF利息。灰度和21shares也提交了Doge ETF。由前Meta工程师开发的Aptos是第32大加密货币，市值为28.5亿美元，52周高20美元。

Altcoin ETFs Gain Momentum

Altcoin ETF获得动量

The increase in altcoin ETF filings coincides with the SEC’s evolving perspective, potentially influenced by the administration, which has fostered new applications. A significant number of crypto ETFs are under SEC review, with numerous altcoin ETF applications submitted this year.

Altcoin ETF申请的增加与SEC不断发展的观点相吻合，这可能会受到政府的影响，该政府促进了新应用。 SEC审查中有大量加密ETF，今年提交了许多Altcoin ETF申请。

While some critics express concerns that crypto ETFs could centralize assets within a sector predicated on decentralization, the overall trend indicates robust market demand for integrating altcoins more deeply into mainstream financial markets.

尽管一些批评家表示担心加密ETF可以将资产集中在以权力下放为基础的行业中集中，但总体趋势表明市场需求强劲，将山寨币更深入地集成到主流金融市场中。