Bitwise’s recent update to its Dogecoin ETF application has sparked hope for a quicker launch. But will it actually happen before an XRP ETF? Let’s break it down.
Bitwise’s Amended Application
Bitwise, a major asset manager, tweaked its application for a spot Dogecoin ETF. This amendment is a positive sign, suggesting active engagement with the Securities and Exchange Commission (SEC). A key change? They’ve added “in-kind” creations and redemptions. This means authorized participants can trade Dogecoin directly, instead of cash, to create and redeem ETF shares. This wasn’t part of the original January filing, and analysts believe it’s likely to become standard for all spot ETFs. Other companies, like 21Shares, have also updated their applications. Grayscale, however, hasn’t yet.
The XRP Factor
Bloomberg analysts Eric Balchunas and James Seyffart still think XRP ETFs will likely get approved before Dogecoin ETFs, even with the recent Bitwise update. They’re giving XRP ETFs a 95% chance of approval in 2025, and Dogecoin ETFs a 90% chance this year.
Why XRP Might Be Ahead
Several factors contribute to this prediction:
- Futures Market: XRP has a regulated futures market through the CME, giving it an edge.
- More Applications: Seven companies have applied for XRP ETFs, compared to three for Dogecoin.
- Lawsuit Resolution: The ongoing XRP lawsuit is nearing its end, further boosting its prospects.
The Deadline
Both XRP and Dogecoin ETFs face an October 17th deadline from the SEC, meaning both could get approved on the same day.
Current Dogecoin Price
At the time of writing, Dogecoin is trading around $0.16.