- Bitwise registers Aptos ETF in Delaware, seeks SEC approval.
- Aptos ETF could offer institutional, retail investors easier access.
- Aptos token price jumps 12% after Bitwise ETF filing news.
Bitwise Asset Management has filed to establish a Delaware trust entity for its proposed Aptos exchange-traded fund (ETF). This marks the first step before submitting a formal registration with the U.S. Securities and Exchange Commission (SEC). The move positions Bitwise as the first asset manager to pursue an investment product directly holding Aptos (APT) tokens in the United States.
Aptos ETF Stares at Potential Launch
The registration in Delaware, dated February 25, shows Bitwise’s intention to launch the Aptos ETF. Subsequently, Bitwise will file an S-1 registration statement with the SEC, outlining the ETF’s investment strategy. The SEC will then review the filing, which may take several months before a decision is made.
The Aptos ETF, if approved by the SEC, would provide institutional and retail investors with exposure to APT tokens. This would allow investors to gain access to Aptos without purchasing or managing the cryptocurrency directly. The move could potentially drive mainstream adoption and increase liquidity in the market for APT tokens.
Broader Market Trend for Altcoin ETFs
Bitwise’s push into the Aptos ETF market follows the launch of its Aptos Staking ETP in Switzerland last November. It also comes after 21Shares launched an Aptos Staking ETP on European exchanges. These moves signal a growing recognition of Aptos as a blockchain with significant potential in the crypto industry.
This filing comes as part of a broader trend in the crypto industry to expand beyond Bitcoin and Ethereum ETFs. Bitwise has previously registered ETFs for other cryptocurrencies such as Dogecoin (DOGE) and XRP. The expansion highlights the growing interest in altcoins as investment instruments in the crypto space.
The filing also coincides with other crypto asset managers’s efforts to launch altcoin ETFs. Grayscale, recently filed a 19b-4 proposal for a Polkadot ETF. Moreover, Canary Capital has also submitted a similar filing for an HBAR ETF.
Market and Price Action
Aptos has garnered attention for its scalability, security, and the Move programming language developed by former engineers of Meta. These features distinguish it as a blockchain designed for efficiency and reliability. The growing interest in Aptos reflects confidence in its long-term value in the digital asset ecosystem.
The potential launch of an Aptos ETF may provide further validation for the blockchain and its native token. Should the SEC approve the filing, the Aptos ETF could become a significant development in the crypto investment space. The move is a clear indication of Bitwise’s strategy to lead the market in offering altcoin-based investment products.
Aptos, a Layer-1 blockchain, launched its mainnet in 2022. The token, APT, currently ranks 36th by market capitalization, valued at $3.6 billion. Its price recently witnessed a surge, rising by 8.83% to $6.12 over the past 24 hours.