Bitwise Asset Management has taken a significant step toward creating the first U.S. Aptos ETF by registering a trust in Delaware, which precedes an official SEC filing.
Bitwise Moves Toward an Aptos ETF
On February 25, Bitwise registered the 'Bitwise Aptos ETF' entity in Delaware. This move is a precursor to the S-1 form filing with the U.S. Securities and Exchange Commission, detailing the ETF's structure, investment strategy, and tracking methods for Aptos. In November 2023, the company launched the Bitwise Aptos Staking ETP on six Swiss exchanges and filed for a Dogecoin ETF in January 2024.
Why This Filing Matters
For years, Bitcoin and Ethereum have dominated the ETF market. Asset managers are now exploring ETFs for alternative cryptocurrencies like Solana, XRP, Cardano, and others. Bitwise’s filing for an Aptos ETF reflects a broader trend of growing interest in altcoin ETFs.
Approval Process and Market Impact
Following the Delaware registration, Bitwise will need to submit a full ETF application to the SEC. This includes details on the ETF's structure, price tracking for Aptos, and risk management measures. The SEC may approve, reject, or request modifications to the proposal. A U.S.-approved ETF could simplify access to Aptos for investors, potentially increasing trading volume and liquidity.
The launch of an Aptos ETF could be significant for the crypto market, drawing attention to the currency. However, the SEC's future policy on altcoin ETFs remains uncertain.
