Bitwise has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Aptos ETF. If approved, the fund would be the first of its kind in the U.S. market, providing investors direct exposure to the APT token.
What is Aptos (APT)?
Aptos is a layer-1 blockchain focused on scalability, security, and efficiency in decentralized applications. It uses the Move programming language, developed by former Meta engineers, to enhance smart contract safety and performance. Aptos remains a high-risk asset, currently ranked 36th by market capitalization with a total market value of $3.7 billion. The token has experienced significant volatility but continues to attract developers and liquidity providers in the DeFi sector.
Details of Bitwise's ETF Filing
The S-1 form is a crucial step towards launching the ETF. It allows Bitwise to issue new securities and list them on a public exchange. However, the fund will also require a 19b-4 filing, signaling a rule change at the exchange where it plans to list. According to the filing, the Bitwise Aptos ETF will hold APT tokens and track the CF Aptos–Dollar Settlement Price as a pricing benchmark. ETF shares will be issued and redeemed in blocks of 10,000 units, managed by Bitwise with Coinbase Custody Trust Company, LLC as the main custodian. The ETF will be cash-settled, with APT tokens stored in cold wallets.
Impact of Aptos ETF on the U.S. Market
While Europe has already seen crypto-staking ETFs, including APT-based products launched on Swiss exchanges, the Bitwise Aptos ETF would be the first APT spot ETF in the U.S. This ETF aims to attract institutional and retail investors looking for regulated exposure to Aptos without the need for direct crypto custody.
Bitwise's activities in developing cryptocurrency ETFs highlight the growing interest of institutional investors in new layer-1 blockchains such as Aptos. If the ETF is approved, it could drive higher liquidity and adoption of APT in the markets.
