Bitwise Asset Management is taking steps to launch the first Aptos-based ETF in the U.S. by registering in Delaware. This move could open new investment opportunities.
Preparation for Aptos ETF Launch
On February 25, Bitwise registered 'Bitwise Aptos ETF' in Delaware, which is a precursor to filing an S-1 form with the U.S. Securities and Exchange Commission (SEC). In November 2023, the company launched the Aptos Staking ETP on six Swiss exchanges and filed for a Dogecoin ETF in January 2024.
Significance of the Filing
The Aptos ETF filing reflects a trend towards increased interest in altcoin-based ETFs. Recently, Grayscale filed a proposal for a Polkadot ETF, and Canary Capital applied for an HBAR ETF. Aptos, the 36th largest cryptocurrency, was developed by former Meta (Facebook) engineers for scalability and security using the Move programming language.
Approval Process and Impact
After the Delaware registration, Bitwise will need to submit a full ETF application to the SEC, including a prospectus detailing the ETF's structure, information on tracking Aptos prices, and risk disclosures and compliance measures. If approved, the ETF could ease investor access to Aptos, increasing APT trading volumes.
The U.S. approval of an Aptos-based ETF could accelerate investor interest in this cryptocurrency and its infrastructure, comparable to leaders like Ethereum. However, the SEC's stance on non-Bitcoin and non-Ethereum ETFs remains unclear.
