Bitwise Asset Management Has Filed an S-1 Registration for a Proposed Aptos (APT) ETF

Bitwise Asset Management has made headlines by filing an SEC S-1 registration for a proposed Aptos (APT) exchange-traded fund (ETF). This positions Bitwise as a key player in the race to bring altcoin-focused ETFs to the US market. The filing comes on the back of increased investor interest in Aptos.

Bitwise Asset Management is advancing its bid to launch exchange-traded funds (ETFs) focused on specific cryptocurrencies, with a recent filing for an Aptos (APT) ETF. The move positions Bitwise as a key contender in bringing altcoin ETFs to U.S. investors.

Bitwise’s S-1 registration statement with the Securities and Exchange Commission (SEC) marks the initial step in offering an ETF linked to Aptos within the U.S. market.

After registering in the state of Delaware, Bitwise is now applying to list an Aptos ETF and has selected CF Benchmarks to provide the net asset value (NAV) in accordance with institutional standards.

This initiative follows Bitwise’s previous attempts to introduce crypto ETFs, notably with an application for a Dogecoin ETF earlier in the year. Bitwise is showcasing its strategy to diversify crypto ETF options, having also filed for altcoin ETFs.

Earlier attempts saw Bitwise register in the state of Delaware in preparation for launching a regulated investment product based on Aptos, a rapidly growing blockchain.

Known for its speed and throughput, Aptos is gaining recognition for its potential. The filing will use CF Benchmarks for the net asset value (NAV) to meet institutional standards.

This initiative by Bitwise comes as several firms are showing interest in launching altcoin ETFs. Recently, several firms filed for Bitcoin ETFs, and more broadly, there has been an increase in the number of ETFs being launched.

Recently, Aptos experienced an 18% price surge to reach $6.48 on March 5. This price spike was triggered by Bitwise’s S-1 filing with the SEC for an Aptos ETF.

Despite a lack of Ethereum Virtual Machine (EVM) compatibility, Aptos boasts an impressive level of liquidity for its ecosystem, currently standing at $996 million in the DeFi sector.

This characteristic provides a fertile ground for fostering innovation. Furthermore, Aptos is engaged in integrating stablecoins like USDC and investing in DeFi protocols to enhance liquidity.

These ongoing efforts are a part of broader partnerships that aim to expand retail investor interest in Aptos.

According to Bloomberg’s Eric Balchunas, over 40 altcoin-related ETF listings are predicted to be added by early 2025. These listings will target Solana (SOL), XRP, Hedera (HBAR), and Litecoin (LTC).

This altcoin ETF boom has the capability to redefine the investment landscape for crypto.

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