Bitwise has officially filed to launch an Aptos ETF, following closely on the heels of the recent Delaware Trust application. Aptos, proudly dubbed as a "Made in USA" cryptocurrency, finds itself in a favorable position for SEC approval.
While the SEC is currently sorting through a substantial number of ETF applications, the filings for Aptos have managed to stir up a positive buzz. The anticipation surrounding the potential approval of an Aptos ETF is generating significant bullish momentum.
In the wake of former Chair Gary Gensler's departure from the SEC, a surge of new ETF applications has been flooding in. This wave of enthusiasm has prompted the Commission to make headway on various altcoin ETFs, with even meme coins now entering the fray.
Bitwise has now entered the race with its official filing to establish an Aptos ETF. The groundwork for this move was laid down last week through the creation of an Aptos ETF Trust. The latest application aims to transform this Trust into a fully operational ETF, a customary step in the world of crypto investments.
The simple act of filing for the Trust saw a notable spike in Aptos prices, while the subsequent ETF filing injected even more optimism into the market sentiment. The significant 18% surge in Aptos following the latest filing dwarfed the 10% increase witnessed after the Trust paperwork was submitted, signaling a growing sense of positivity among investors.
The positive outlook is further buoyed by external factors such as President Trump's recent announcement of a Crypto Reserve plan. This plan, which goes beyond just Bitcoin, encompasses the acquisition of various "Made in USA" cryptoassets, with Aptos securing a spot on the list. Aptos has been steadily expanding its presence in the US market, forging strategic partnerships, particularly with Circle.
Despite these promising developments, it's essential to remember that the journey towards SEC approval is still in its infancy. With a mounting backlog of ETF applications, Aptos faces stiff competition for consideration. Nevertheless, the initial filing alone has managed to inject a much-needed dose of optimism into the volatile crypto market environment, suggesting a glimmer of hope amidst the prevailing uncertainty.