The crypto ETF market is expanding, and Bitwise Asset Management is joining this process by taking steps to launch the first Aptos ETF in the U.S.
Bitwise's Move Towards an Aptos ETF
On February 25, Bitwise registered the 'Bitwise Aptos ETF' entity in Delaware. This registration is necessary for the subsequent filing of an S-1 form with the U.S. Securities and Exchange Commission (SEC), detailing the ETF's structure, investment strategy, and how it will track Aptos. Bitwise is actively expanding its crypto ETF offerings, having launched the Aptos Staking ETP on six Swiss exchanges in November 2023 and filed for a Dogecoin ETF in January 2024.
The Importance of This Filing
For years, Bitcoin and Ethereum ETFs have dominated the market. Now, asset managers are exploring ETFs for alternative cryptocurrencies like Solana, XRP, and others. Bitwise's Aptos ETF filing reflects a broader trend toward altcoin ETFs gaining traction. Aptos, the 36th largest cryptocurrency by market cap, is attracting institutional investors' attention due to its technology and development by former Meta engineers.
Approval Process and Its Implications
After Delaware registration, Bitwise will need to submit a full ETF application to the SEC, including a prospectus detailing the ETF’s structure, information on how it will track Aptos prices, risk disclosures, and compliance measures. The SEC will then review the application, which can take several months, to decide whether to approve, reject, or request modifications. If approved, the ETF would simplify investors' access to Aptos, potentially boosting APT's trading volumes and liquidity.
Approval of the Aptos ETF could significantly elevate the cryptocurrency's status, attracting more developer interest and partnerships, reinforcing institutional interest in newer blockchain infrastructures.
