Bitwise, a popular crypto asset manager, has filed an S1 registration to the US Security and Exchange Commission (SEC) to list a spot Aptos Exchanged Traded Fund (ETF), marking a major milestone in cryptocurrency-based investment products.
On Wednesday, Bitwise registered a case filing at the SEC seeking approval to list a spot Aptos ETF in the US, followed by the registration of Bitwise Aptos ETF in Delaware on February 28. The Aptos ETF filing is now waiting for the SEC approval to get listed, SEC has 240 days to either approve or reject the filings.
Aptos is a cryptocurrency created by some of the employees of Meta in 2022. The coin stands as the 36th largest cryptocurrency in terms of market cap, with a value of around $3.8 billion. According to reports, there will not be a staking feature for the proof-of-stake (POS) based Aptos blockchain. In addition, Bitwise listed Coinbase Custody as the proposed custodian of the Apto ETF, however, it has not yet revealed on which stock exchange the ETF will be listed.
The Bitwise S1 filing marks the first attempt to launch an APT ETF in the US, with the filings the asset manager aims to list and trade Aptos on a public stock exchange, enabling investors to gain exposure to APT’s price through the ETF.
Bitwise’s ETF Filing Highlights Its Approach To Diversify ETF Offerings
Aptos is not the first crypto ETF Bitwise filed to launch at the SEC, it has previously filed registrations to list ETFs for other altcoins like XRP and Dogecoin, signaling its strategy to diversify altcoin ETF offerings.
ETFs are investment funds that combine the best features of two assets, allowing traders to invest in multiple assets all at once. With its expanding ETFs, Bitwise aims to give investors an opportunity to invest in varying assets rather than in a single one, which often brings large losses when that asset value declines steeply.
Cryptocurrency regulations in the US are becoming more transparent and friendly with the new Donald Trump government and new Chair in the SEC. Filing for an ETF in such an environment will definitely boost the popularity of ETFs, enabling retail and institutional investors an innovative way to interact with digital assets.
There have been many ETF applications filed to the SEC since Donald Trump’s Inauguration, however, it is unclear whether the SEC will approve all the filings. If it grant approval it will mark a new era of the crypto industry in the United States.
Aptos Rallies 12% Amid The Bitwise’s ETF Filings
Following the asset manager Bitwise’s filings to list Aptos ETF, the price of Aptos surged. According to data, the Aptos (APT) rallied over 12% on Wednesday. Bitwise already has Bitcoin and Ether ETFs and if its filings on Dogecoin, Aptos, and XRP get approved, it will offer major 5 ETFs.
Launched in 2022, Aptos emerged as a potential Solana killer, overcoming the scalability issues of Solana, Aptos offers high-speed and low-cost layer 1 blockchain, however, it failed to achieve a market cap like Solana and only has one-nineteenth the size of Solana. The Apto coin is currently trading at $6.25.
