Bitwise Asset Management is making moves toward launching an Aptos exchange-traded fund (ETF) in the U.S. by registering a Delaware trust entity. The filing, made on February 25, is the first step before seeking formal approval from the SEC.
This development positions Bitwise as the first asset manager aiming to introduce an ETF that directly holds Aptos (APT) tokens in the U.S. More firms are jumping into the altcoin ETF game, with investment products in the works for Solana (SOL), XRP, Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Hedera (HBAR).
By registering in Delaware, Bitwise is laying the groundwork to file an S-1 form with the SEC, an essential step before the ETF gets the green light. The firm has already launched spot ETFs in the U.S. and introduced an Aptos Staking ETP on six Swiss exchanges in November 2024. Bitwise also recently registered a DOGE ETF in Delaware, reinforcing its push into altcoin ETFs.
Following the Aptos ETF filing, APT surged 13% as investors responded to the news. CoinMarketCap data ranked Aptos as the 30th largest cryptocurrency at the time, with APT trading at $6.12, reflecting an 8.28% jump in 24 hours.
Mo Shaikh, CEO of Aptos Labs, sees the ETP as a big step toward getting more institutions into crypto, saying it proves how fast and reliable the Aptos blockchain is. Bradley Duke, who heads Bitwise’s European operations, said the product is made for serious investors who want a safer, regulated way to invest in Aptos.
Bitwise also just locked in $70 million in funding from major financial players like Electric Capital, MassMutual, Highland Capital, ParaFi Capital, and Khosla Ventures, showing that big investors are backing regulated crypto products.
At the same time, 21Shares launched its own Aptos Staking ETP on Euronext Amsterdam and Paris in November, making it the first of its kind in Europe.
Also Read: Grayscale Seeks SEC Approval for Polkadot ETF on Nasdaq
