Bitwise Files for Spot Aptos ETF: Could This Be the Next Big Thing in Crypto?
Aptos ETF Filing – On March 5, crypto asset manager Bitwise submitted a filing to list a Spot Aptos Exchange-Traded Fund (ETF) in the United States. This move comes after Bitwise previously indicated such a filing when it registered a trust linked to the Aptos ETF in Delaware on February 28. The Aptos token, launched in 2022, was developed by a team led by two former Facebook (now Meta) employees.
The filing marks Bitwise’s continued efforts to expand its ETF offerings. With existing spot Bitcoin (BTC) and Ethereum (ETH) ETFs, Bitwise is now focusing on other significant altcoins, including Aptos (APT). The filing further adds to the growing list of altcoins awaiting approval from the U.S. Securities and Exchange Commission (SEC).
No Staking Feature for Aptos ETF
In its filing, Bitwise revealed that it opted not to include a staking feature for the proof-of-stake powered Aptos blockchain. The filing also mentioned Coinbase Custody as the proposed custodian for the Spot Aptos ETF. At this stage, details regarding the stock exchange where the ETF will be listed and its proposed fee or ticker remain unspecified.
Bitwise will need to file a 19b-4 form for the SEC to acknowledge the application, which would then start the 240-day clock for the regulator’s decision. This filing is part of Bitwise’s broader strategy to diversify its portfolio of ETFs beyond the top-ranking tokens by market capitalization.
Aptos Blockchain: High-Speed, Low-Cost, but a Long Way to Go
The Aptos blockchain, developed by Aptos Labs, emerged as a potential “Solana killer” when it launched in October 2022. It focuses on providing high-speed and low-cost transactions as a Layer-1 blockchain. Despite these advantages, Aptos currently ranks 36th in market capitalization at $3.8 billion, far below Solana’s (SOL) $149 billion market cap.
Over the last 24 hours, APT has seen a 14.4% increase, reaching $6.25, according to CoinGecko. Additionally, Aptos holds the 11th largest Total Value Locked (TVL) among blockchains at $1.03 billion, with over $830 million in stablecoins.
Bitwise’s Continued Focus on Aptos
Bitwise is not new to Aptos, having already launched an Aptos Staking ETP on Switzerland’s SIX Swiss Exchange in November, offering a 4.7% staking yield. The filing for a Spot Aptos ETF is the next step in expanding its presence in the growing crypto asset management space.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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