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- Bitwise filed to create a Delaware trust, marking Aptos’ first step toward a U.S. ETF listing.
- Aptos (APT) surged 13% after the filing, reflecting strong investor anticipation and demand.
- Bitwise manages $12B in assets, expanding its crypto ETF offerings beyond Bitcoin and Ethereum.
Aptos has made significant progress toward the listing of an ETF in the United States after Bitwise Investment filed to create a Delaware trust on February 25. It is the first step in filing documents with the U.S. Securities and Exchange Commission, which is a mandatory measure before the fund can be offered to the public.
The official website of the Delaware government also supported the registration asserting that Bitwise is the first asset manager based in the United States of America to engage in an investment product that deals directly with APT tokens. This is in line with the firm’s continuing efforts toward dominating the altcoin ETF market which has attracted institutional investors in the recent past.
After the announcement, the price of Aptos (APT) rose significantly as investors anticipated its exposure in the US-ETF segment. According to data from CoinMarketcap, APT rose by 13% and hit $6.40. After that, APT experienced a slight decline and is currently trading at $6.15.
At the time of this writing, Bitwise has more than $12 billion in AUM and offers index funds, alpha strategies, non-custodial staking services, ETFs, and ETPs. This particular registration is expectation of the firm as it seeks to offer regulated investment solutions in the crytocurrency niche.
Bitwise Expands Into Altcoin ETFs
The decision to go for an Aptos ETF comes at a time that has seen asset managers venture into other products apart from Bitcoin and Ethereum. Currently, some firms are filing for the ETFs associated with altcoins like Solana, XRP, DOGE, Cardano, and Litecoin, which shows the change in the trend of the market on diversification of crypto investments.
Already, Bitwise has some connection with the Aptos ecosystem through it services in Europe region. On November 19, 2024, the company listed an Aptos ETP on the SIX Swiss Exchange that reflects the asset underlying but offers staking rewards as well. This product is estimated to return an approximate of 4.7% of the net of fees for the firm.
Hunter Horsley, the CEO and co-founder of Bitwise, stated that since the inception of the company it has been focused on providing easier access to digital assets to investors. He opined that Bitwise has been assisting institutional customers for seven years in navigating through the new world of cryptocurrencies.
While in an interview, Aptos Labs CEO Mo Shaikh revealed that the Aptos Staking ETP marks institutional adoption. He expounded that speed and efficiency is a major reason that makes the block chain attractive to middle and large scale investors.
The firm also revealed on February 25 that it has received a $70 million funding round from some of the leading investors such as Electric Capital, MassMutual, Highland Capital, ParaFi Capital, Khosla Ventures, and General Catalyst.
