Bitwise Asset Management filed amended S-1 registration statements with the United States Securities and Exchange Commission (SEC) for its proposed spot Dogecoin ETF and Spot Aptos ETF. The amended S-1 filing follows the June 12, 2025 delay from the U.S. SEC on the spot Dogecoin ETF, whereby the agency cited market risks and investor protection concerns.
According to the amended S-1 filing, Bitwise introduced in-kind creations and redemptions to enable authorized participants to exchange shares directly for Dogecoin. With the increased engagement between the U.S. SEC and fund managers, Bloomberg analysts, led by Eric Balchunas, estimate a 90 percent approval probability by the end of October 2025. The next step after this would be the intended exchanges filing for Form 19b-4 with the U.S. SEC.
Market Impact on Dogecoin and Aptos
The filing of amended form S-1 filings for Bitwise spot Dogecoin and Aptos ETF is a clear indication that the agency is looking to approve several similar products in the near future. As Coinpedia reported, the U.S. SEC has engaged with fund managers seeking to offer spot Solana ETFs.
Before the approval of the spot Bitcoin ETFs last year, the U.S. SEC engaged the fund managers in a similar manner as it has engaged with altcoin ETF issuers in the recent past.
The imminent approval of the spot Dogecoin and Aptos ETFs could follow a similar pattern to Ethereum’s, which recorded bearish sentiment after the final approval. Moreover, the spot altcoin ETFs have shown characteristics of an exit market from institutional investors.
Meanwhile, both altcoins continue to have a midterm bearish outlook, especially after BTC’s price struggled to rally consistently beyond $110k in the past few weeks.
As the world focused on the Israel-Iran war and its impact on the crypto market, a serious $50M Telegram scam looted individuals. A massive over-the-counter (OTC) fraud made through a popular social media platform called Telegram resulted in millions being drained from investors and Aza Ventures. Now, the on-chain experts have disclosed the individual behind.
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has recently submitted a letter to the U.S. Securities and Exchange Commission (SEC) demanding clarity and differentiation between crypto tokens and investment contracts. While addressing SEC’s Crypto Task Force, headed by Commissioner Hester Peirce, Alderoty argued that most fungible crypto assets won’t qualify as securities under the existing laws. Ripple CLO Demands Crypto Regulatory Clarity In his SEC letter, Alderoty cited the ‘The Ineluctable Modality of Securities Law’ paper by Lewis Cohen, stating that an investment contract requires a legal relationship between a buyer and a seller. However, this is not necessary in the secondary market transactions of the crypto market, he said. In the ongoing SEC vs Ripple lawsuit, the Ripple CLO also pointed out the ruling by Judge Torres where XRP was deemed not a security in secondary sales, although the earlier institutional sales met the criteria for investment contracts. While… Read More at Coingape.com
PAWS, a popular Telegram Mini App, migrates to Solana in reaction to newly imposed requirements by the social media platform.
Telegram recently introduced a policy mandating all Mini Apps and third-party crypto wallets on its platform to exclusively operate on TON, sparking debates about decentralization and preventing multichain expansion. Under this arrangement, Telegram Mini Apps that operated across multiple blockchains had to choose between running solely on TON or leaving the ecosystem altogether.
Among the apps that faced this dilemma is PAWS, a SocialFi project rewarding users for engagement. Rather than remaining confined to a closed ecosystem, PAWS made the decision to migrate to Solana.
Boosting the Solana ecosystem
Moving PAWS’ quickly-amassed user base of 80 millions to Solana resulted in significant additional traffic and boosted the ecosystem. Since the migration, users downloaded over 9 million Phantom crypto wallets and funded more than 1 million new Solana addresses, all happening before PAWS’ token generation event (TGE).
Non-fungible token (NFT) vouchers offered by PAWS also became a significant presence on Solana-based NFT marketplace Magic Eden, sparking more than 100,000 transactions in two weeks. Such developments showcase that a committed community can follow a project through migration to a different chain if the underlying product remains accessible and engaging.
Value extraction versus value injection
The migration revived a long-standing debate revolving around value extraction and value injection. Many blockchain initiatives rely on short bursts of liquidity or speculative token trading, often resulting in value extraction from underlying ecosystems. These models can drive abrupt capital inflows and outflows, intensifying market volatility and exposing ecosystem participants to sudden risks.
The trend is especially relevant for Solana, where high volatility memecoins and recent rug pulls caused significant capital flight. In contrast, PAWS put emphasis on sustained user participation rather than relying solely on speculative token gains. By presenting a model that focuses on consistent engagement, the project seeks to build an ever-growing community growth.
Building an intellectual property
The Solana migration involves a rebranding process to turn the project into an intellectual property and position it as a long-lasting Web3 brand. Moving forward, PAWS aims to evolve from a viral Telegram application into a full-fledged Web3 brand with multiple revenue streams and strong community loyalty.
To achieve this, the project plans to grow its ecosystem through DeFi integrations, gaming partnerships and social engagement tools. Realizing the multichain possibility is on the radar as well, with plans to expand across Ethereum, layer-2 chains and beyond.
Beyond the crypto space, PAWS seeks to establish itself as a recognizable brand through real-world activations, strategic partnerships and mainstream media presence. A key part of this vision is a sustainable token economy, where holders and community members actively participate in governance and ecosystem development.
The transition from a highly engaged Mini App to a sustainable Web3 brand can set a large-scale example of how meme culture can evolve into a legitimate business model within the crypto space.
The broader significance of PAWS’ transition lies in its potential to set a precedent: Can Telegram’s retail-heavy user base become active participants in permissionless blockchain ecosystems? If successful, PAWS may serve as a model for future Web3 projects looking to bridge the gap between closed platforms and decentralized networks.
