Bitwise Takes the Leap: An Aptos ETF for the U.S. Market?

Bitwise has just filed an S-1 form with the SEC to list a crypto ETF based on Aptos (APT). This move suggests a long-term strategy for this digital asset. More details in the following paragraphs!

A crypto ETF without staking, but with Coinbase Custody

Unlike some funds, Bitwise has chosen to exclude staking for its crypto ETF Aptos. The asset manager already has experience with this digital asset. The proof: it launched an Aptos Staking ETP on the Swiss stock exchange SIX Swiss Exchange in November. However, the American edition of this crypto ETF will not offer this option.

Regarding security, Bitwise has appointed Coinbase Custody as the primary custodian of the ETF’s digital assets. A decision that could reassure institutional investors! No listing exchange has yet been confirmed. Also, no fees or symbol for the crypto ETF have been communicated for now.

A favorable context for crypto ETFs based on altcoins

The recent approval of Bitcoin and Ethereum ETFs has set a precedent that could work in favor of new altcoin ETFs. Bitwise has also recently filed applications for Dogecoin ETFs, Solana, and XRP. This shows its interest in highly recognized cryptocurrencies.

Although presented as a “Solana killer”, Aptos remains an atypical choice for a crypto ETF. According to CoinGecko, this crypto asset is currently ranked 36th by market capitalization with $3.8 billion.

For this project to come to fruition, Bitwise must file a 19b-4 form. This will trigger a 240-day period before the SEC renders its verdict. This step is crucial to allow the listing of the Aptos ETF on a regulated exchange.

With this new crypto ETF, Bitwise continues to explore opportunities in altcoins. SEC approval would be a strong signal for the crypto market. In the meantime, the announcement has boosted the APT price, which rose by 18% in 24 hours.