Bitwise Asset Management has initiated the process to launch an Aptos exchange-traded fund (ETF). The company filed registration paperwork with Delaware's Division of Corporations on February 25.
The move establishes Bitwise as the first asset manager to pursue an ETF specifically for Aptos cryptocurrency. This initial filing represents just the beginning of what could be a lengthy approval process.
The Delaware registration does not guarantee the fund will receive approval or launch in the near future. Bitwise must next submit a formal application to the U.S. Securities and Exchange Commission.
"This formal application will include a detailed prospectus outlining the ETF's structure, investment strategy, and how it plans to track Aptos," said a person familiar with the regulatory process. The SEC review could take several months, during which regulators may approve, reject or request modifications to the proposal.
If approved, the Aptos ETF would create a new investment avenue for both institutional and retail investors. It would enable exposure to APT tokens without requiring direct purchase or management of the cryptocurrency. This accessibility could potentially boost liquidity and adoption of Aptos in mainstream financial markets.
Bitwise's Delaware filing follows the introduction of several Aptos exchange-traded products in Europe. These include the Bitwise Aptos Staking ETP and the 21Shares Aptos Staking ETP, which have already established a presence in European markets.
Aptos is a Layer 1 blockchain focused on scalability, security and reliability. It was developed by former Meta engineers who previously worked on the discontinued Diem project. The blockchain uses the Move programming language, originally created for Diem, to enhance security and efficiency in smart contracts.
The potential U.S. ETF highlights a growing trend among asset managers to expand beyond Bitcoin and Ethereum funds. These two cryptocurrencies have dominated the ETF space since receiving regulatory approvals last year. Bitwise has already registered for ETFs linked to XRP, Solana and Dogecoin, indicating a strategic push to meet demand for alternative cryptocurrency investment vehicles.
News of the filing sparked immediate market reaction. APT jumped 12.4% in the 24 hours following the announcement. The cryptocurrency, ranked 36th by market capitalization, traded at $6.31 at press time. Trading volume also surged 14.15% to $336.42 million as investors responded to the potential for increased institutional interest.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.