The crypto ETF market is expanding beyond Bitcoin and Ethereum. Bitwise Asset Management is taking steps to launch the first Aptos ETF in the U.S.
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 SEC. In November 2023, the company launched the Aptos Staking ETP on six Swiss exchanges and filed for a Dogecoin ETF in January 2024.
Why This Filing Matters
For years, the ETF space has been dominated by Bitcoin and Ethereum. Bitwise is showing interest in altcoins, including Solana, XRP, Cardano, and others. Last week, Grayscale filed a 19b-4 proposal for a Polkadot ETF, and Canary Capital applied for a spot HBAR ETF.
How the Approval Process Works
After the Delaware trust registration, Bitwise will need to submit a full ETF application to the SEC. This process can take several months and involves providing a prospectus and risk disclosures. The SEC may approve, reject, or request changes to the proposal.
An approved U.S. ETF would provide easier access to Aptos, potentially increasing its trading volume and liquidity. This could attract developer interest and partnerships, though the SEC's stance on altcoin ETFs remains unclear.
