Bitwise, a prominent cryptocurrency asset manager, has recently filed to list a spot Aptos exchange-traded fund (ETF) in the United States. This move is part of a strategy to expand its offerings beyond its existing spot Bitcoin and Ether ETFs. The Aptos token, created by a team of former Facebook employees in 2022, is currently valued at approximately $3.8 billion.
Details of the ETF Filing
The filing for the Aptos ETF was submitted on March 5, following an earlier registration of a trust associated with the ETF in Delaware on February 28. This application is part of a growing trend of altcoins seeking approval from U.S. securities regulators. Bitwise has opted not to include a staking feature for the Aptos blockchain, which operates on a proof-of-stake model.
For the ETF application to progress, Bitwise must file a 19b-4 form, which is essential for the SEC to recognize the application before the 240-day decision-making period begins. The absence of a proposed fee structure or ticker symbol in the filing indicates that Bitwise is still in the early stages of this process.
Bitwise’s Broader Strategy
The Aptos ETF filing is part of Bitwise’s larger strategy to diversify its portfolio. Recently, the company has also applied for spot ETFs linked to other cryptocurrencies, including Solana, XRP, and Dogecoin. Aptos aims to compete with Solana and is designed as a high-speed, low-cost layer-1 blockchain.
Despite its potential, Aptos’s market capitalization is currently only one-nineteenth that of Solana, highlighting the competitive landscape of the cryptocurrency sector. The token has seen a significant value increase, rising 14.4% in the last 24 hours to reach $6.25.
Aptos Blockchain Ecosystem
The Aptos blockchain has garnered attention for its robust ecosystem, currently holding the 11th largest total value locked (TVL) among blockchains, which stands at $1.03 billion. A significant portion of this value, over $830 million, consists of stablecoins, indicating a strong presence in the decentralized finance (DeFi) space.
Additionally, the blockchain has facilitated the tokenization of real-world assets, such as the Franklin OnChain US Government Money Fund. This versatility showcases Aptos’s potential for broader applications within the financial landscape.
Bitwise’s Commitment to Innovation
Bitwise has previously engaged with the Aptos ecosystem by launching an Aptos Staking Exchange-Traded Product (ETP) on Switzerland’s SIX Swiss Exchange in November. This product offers investors a 4.7% return on staking yield, further demonstrating Bitwise’s commitment to innovative financial products in the cryptocurrency market.
As the cryptocurrency market continues to evolve, the filing for a spot Aptos ETF reflects a growing interest in altcoins and the potential for new investment vehicles. With increasing regulatory scrutiny, the outcome of Bitwise’s application could set a precedent for future altcoin ETFs and influence the broader acceptance of cryptocurrencies in traditional financial markets.
📎 Related coverage from: cointelegraph.com
