- Bitwise has filed an S-1 registration statement for a spot Aptos (APT) ETF, joining its existing applications for Bitcoin, Ethereum, Solana, XRP, and Dogecoin ETFs.
- Unlike Bitwise’s other ETF applications targeting top cryptocurrencies by market cap, Aptos ranks 36th with a $3.8 billion market cap, making it an unusual selection.
- The proposed ETF will not include staking features despite Aptos being a proof-of-stake blockchain, with Coinbase Custody named as the planned custodian.
Bitwise has submitted a registration statement to launch a spot exchange-traded fund (ETF) for Aptos, a relatively mid-sized cryptocurrency developed by former Facebook employees. The March 5 filing follows the asset manager’s February 28 registration of a Delaware-based trust linked to the proposed Aptos ETF, adding another alternative cryptocurrency to the growing list of tokens awaiting regulatory approval.
The S-1 registration statement filed with the Securities and Exchange Commission (SEC) outlines Bitwise’s plans for the Aptos ETF, which would track the price of the APT token. This filing comes eight days after the company registered the corresponding trust in Delaware, signaling its intentions to expand beyond its currently trading Bitcoin and Ethereum ETF offerings.
Notable in the application is Bitwise’s decision not to incorporate staking capabilities for the proposed ETF, despite Aptos operating on a proof-of-stake consensus mechanism. The firm has named Coinbase Custody as the intended custodian for the fund, though details regarding the specific exchange listing, fee structure, and ticker symbol remain unspecified.
For the application to progress, Bitwise must still file a 19b-4 form and receive SEC acknowledgment, which would start the 240-day review clock for regulatory decision-making.
Aptos represents an unexpected addition to Bitwise’s ETF lineup, which has previously focused on top-ranked cryptocurrencies. With a market capitalization of $3.8 billion, Aptos ranks 36th among cryptocurrencies according to CoinGecko data, significantly smaller than other tokens targeted by Bitwise’s recent ETF filings, including Solana, XRP, and Dogecoin.
Developed by Aptos Labs founders Mo Shaikh and Avery Ching, who previously worked at Facebook (now Meta), the Aptos blockchain launched in October 2022 as a high-performance layer-1 network. Initially positioned as a potential "Solana killer," Aptos currently maintains only about one-nineteenth of Solana’s market capitalization, shows CoinGecko data.
The token has responded positively to the ETF filing news, with APT price rising 14.4% over a 24-hour period to reach $6.25, as shows CoinGecko pricing data.
Despite its relative market position, Aptos has established meaningful adoption metrics, ranking as the 11th largest blockchain by total value locked with $1.03 billion, according to DefiLlama. Over 80% of this value consists of stablecoins, and the blockchain has also attracted real-world asset tokenization projects such as the Franklin OnChain US Government Money Fund (FOBXX).
This ETF filing doesn’t mark Bitwise’s first engagement with Aptos. In November, the asset manager launched an Aptos Staking ETP on Switzerland‘s SIX Swiss Exchange, offering investors a 4.7% return through staking yield.
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