Bitwise Files To Launch a Spot Aptos (APT) ETF

Bitwise has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot Aptos ETF.

Crypto asset manager Bitwise has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a spot Aptos ETF.

The move follows the company’s registration of the fund with Delaware’s Department of State last week.

The fund, which will track the price of Aptos (APT), will be offered through a brokerage account with a financial institution. It will collect data from major Aptos trading platforms for its CF Aptos-Dollar Settlement Price.

The ETF will issue shares in units of 10,000, and they will be available in five classes, each with a different minimum investment amount.

The ETF will have a high-risk investment focused on the rapidly growing Aptos ecosystem. It will also carry an annual management fee, the details of which will be disclosed later.

The ETF is part of Bitwise’s broader portfolio of single-asset and multi-token funds that combine cryptocurrencies with traditional assets.

“We believe that the launch of the Bitwise Aptos ETF will be a significant moment for investors in the U.S.,” said Ben Horowitz, president of Bitwise Asset Management.

“The fund will provide a unique and valuable investment opportunity for those who are looking for regulated exposure to the Aptos blockchain.”

The ETF is still pending approval from the SEC, which will need to examine the fund documents and approve the prospectus.

If approved, the ETF could launch as early as the fourth quarter of 2024, making it one of the first investment products focused on the Aptos blockchain in the U.S. market.

Earlier this year, Bitwise launched an Aptos exchange-traded product (ETP) on the SIX Swiss Exchange. The ETP offers staking opportunities for APT holders, expanding Bitwise’s crypto offerings.

This move follows Bitwise’s recent launch of an ETP on the SIX Swiss Exchange, expanding the company’s crypto offerings in Europe.

Earlier this year, Bitwise applied for an ETF that would track the price of Dogecoin (DOGE). The move came after the SEC approved the first two spot cryptocurrency ETFs, setting the stage for a wave of new filings from asset managers.

Since then, several other firms have submitted applications for ETFs based on digital assets like Litecoin (LTC), Solana (SOL), and XRP.

As the regulatory environment evolves in the U.S., analysts predict an increasing likelihood of approval for such funds. If successful, the Bitwise Aptos ETF could set a precedent for future filings, shifting the narrative toward mainstream adoption of digital asset ETFs.

After news of the S-1 filing broke, APT surged in price, jumping by 7% within one hour, recovering from a decline to $6.06 to reach $6.50.

This price increase reflects market optimism around the Bitwise Aptos ETF and the potential for wider institutional adoption of Aptos as an investment asset.

Aptos, a Layer-1 blockchain platform known for its scalability and efficiency in deploying decentralized applications (dApps) and smart contracts, is the 36th largest cryptocurrency by market capitalization, according to CoinGecko.