The crypto ETF market is rapidly expanding, and Bitwise Asset Management has taken a significant step toward launching the first Aptos ETF in the U.S. by registering a trust entity in Delaware, a precursor to an SEC filing.
Bitwise Moves Toward an Aptos ETF
On February 25, Bitwise registered the 'Bitwise Aptos ETF' entity in Delaware. This registration is a precursor to filing an S-1 form with the U.S. Securities and Exchange Commission (SEC). In November 2023, the firm launched Bitwise Aptos Staking ETP on six Swiss exchanges. In January 2024, Bitwise filed for a Dogecoin ETF, signaling a strong push toward altcoin-based products.
Why This Filing Matters
Bitcoin and Ethereum ETFs have long dominated the market. Now, asset managers are exploring ETFs for alternative cryptocurrencies like Solana and XRP. Aptos, created by former Meta engineers, offers promising opportunities for investors due to its next-generation technology.
How the Approval Process Works
After the Delaware registration, Bitwise will need to submit a full ETF application to the SEC, including a prospectus detailing the fund's structure and risks. The process can take several months, during which the SEC may approve, reject, or request modifications.
The launch of an Aptos ETF could have a significant impact on the crypto market, easing investor access to Aptos and increasing APT tokens' trading volume. It could also drive developer and partner interest in Aptos.
