Bitwise has taken a major step toward launching an exchange-traded fund (ETF) for Aptos by filing an S-1 registration with the U.S. Securities and Exchange Commission (SEC).
Bitwise has taken a major step toward launching an exchange-traded fund (ETF) for Aptos by filing an S-1 registration with the U.S. Securities and Exchange Commission (SEC). This filing, submitted Wednesday, follows the company’s earlier registration of a "Bitwise Aptos ETF" entity in Delaware. Aptos is a layer-1 blockchain developed by Aptos Labs, known for its scalability and focus on decentralized applications and smart contracts. The APT token, the native cryptocurrency of the Aptos blockchain, is currently ranked 36th in market capitalization, valued at approximately $3.8 billion.
This move comes amid growing interest in altcoin-based ETFs, with Bitwise also seeking approval for ETFs tied to other cryptocurrencies like Dogecoin and XRP. The approval of an Aptos ETF would offer investors a regulated vehicle to gain exposure to the token, which is positioned as a competitor in the blockchain space, focusing on Web3 adoption. Aptos has made strides in this direction, including the launch of an Aptos staking exchange-traded product (ETP) on six Swiss exchanges in November. A similar product was also introduced by 21Shares on Euronext Amsterdam and Paris.
The S-1 document filing is a critical step toward listing the ETF on a public exchange. However, Bitwise will also need to submit a 19b-4 filing to the SEC, which triggers a formal review process. This review is crucial, as ETFs tied to cryptocurrencies have faced significant regulatory hurdles in the past. The SEC’s response to this filing will be a key factor in determining whether the Aptos ETF moves forward.
The filing announcement immediately impacted the price of Aptos’ APT token, which surged 18%, reaching $6.48. The jump in price reflects growing investor interest in the token, which has established itself as a strong player in the layer-1 blockchain space.
Bitwise’s filing is part of a broader trend of institutional interest in crypto-related investment products. While Bitcoin and Ethereum-based ETFs have already made headlines, there is a growing push to explore other blockchain projects. If approved, the Aptos ETF could pave the way for additional altcoin-based ETFs, making digital assets more accessible to institutional and retail investors alike.
In addition to the Aptos ETF, Bitwise has made headway with other cryptocurrency products. Earlier this year, the SEC approved the 19B-4 filing for Bitwise’s Bitcoin-Ethereum ETF, which is moving closer to being listed and traded on NYSE Arca. The SEC’s decision on the Aptos ETF will be closely watched, as it could set a precedent for the future of altcoin ETFs in the United States.
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