Bitwise has taken a significant step toward launching the first Aptos ETF in the U.S. Registration in Delaware opens the door to a new investment vehicle.
Bitwise Moves Toward an Aptos ETF
On February 25, Bitwise registered the 'Bitwise Aptos ETF' entity in Delaware as a precursor to filing an S-1 form with the U.S. Securities and Exchange Commission (SEC). This registration is a preliminary step to provide details on the ETF’s structure and investment strategy. In November 2023, the firm launched the Bitwise Aptos Staking ETP on six Swiss exchanges and filed for a Dogecoin ETF in January 2024. If approved, it would be the first U.S.-based fund holding APT tokens.
Why This Filing Matters
For years, Bitcoin and Ethereum have dominated the ETF space, but now asset managers are exploring ETFs for alternative cryptocurrencies like Solana, XRP, Cardano, Litecoin, Dogecoin, and Hedera. Bitwise’s Aptos ETF filing reflects a broader trend of altcoin ETFs gaining traction. This week, Grayscale filed a proposal for a Polkadot ETF, and Canary Capital applied for a spot HBAR ETF. Aptos, currently the 36th largest cryptocurrency by market capitalization, has caught institutional investors’ attention with its unique technology. Created by former Meta engineers, it is designed for scalability and security.
How the Approval Process Works
After the Delaware trust registration, Bitwise must submit a full ETF application to the SEC. This includes a prospectus detailing the ETF’s structure, information on how it will track Aptos prices, and risk disclosures. The SEC review process can take several months.
If approved in the U.S., the Aptos ETF could lead to increased interest and liquidity for APT tokens, similar to the impact seen with Bitcoin ETFs.
