Bitwise Asset Management Makes Historic Move with Aptos ETF Filing
Bitwise Asset Management has made waves by taking the first crucial step towards introducing an Aptos (APT) exchange-traded fund (ETF). The firm has filed for a Delaware trust associated with the proposed fund, establishing itself as the pioneer asset manager to explore an ETF solely dedicated to Aptos.
The initial filing with Delaware’s Division of Corporations, filed on February 25, marks the inception of the process of registering the trust for the anticipated Aptos ETF. It's essential to note that this step does not guarantee an immediate green light for the fund’s release.
Bitwise's next move involves submitting a formal application to the US Securities and Exchange Commission (SEC). This application will encompass a comprehensive prospectus detailing the ETF’s framework, investment approach, and the methodology it intends to employ in tracking Aptos.
Following submission, the SEC will scrutinize the application, a process which could span several months. Subsequently, the commission may opt to approve, reject, or request amendments to the proposal.
Upon successful approval, the Aptos ETF would grant institutional and retail investors the means to leverage exposure to APT tokens without engaging in direct acquisition or management of the cryptocurrency. This development could potentially enhance liquidity and catalyze mainstream adoption.
Bitwise’s strategic move in Delaware to register an Aptos ETF arrives hot on the heels of the launch of numerous Aptos exchange-traded products (ETPs) in Europe, including the Bitwise Aptos Staking ETP and the 21Shares Aptos Staking ETP.
Aptos, distinguished as a Layer 1 blockchain lauded for its scalability, security, and dependability, was conceptualized by former Meta (Facebook) engineers who had previously collaborated on the now-defunct Diem project. Aptos leverages the Move programming language, originally devised for Diem, to fortify security and streamline smart contract operations.
The burgeoning interest in altcoin-based investment avenues represents a broader shift among asset managers away from Bitcoin (BTC) and Ethereum (ETH) ETFs that have dominated the sector post-approval last year. Bitwise’s latest activity comes in the wake of previous ETF registrations tethered to XRP (XRP), Solana (SOL), and Dogecoin (DOGE), illustrating a deliberate strategy to seize the burgeoning enthusiasm for alternative cryptocurrency investment instruments.
The filing's announcement has instigated an impressive double-digit surge in APT prices, with the altcoin recording a 12.4% uptick over the past 24 hours. Currently ranked 36th by market capitalization, APT was trading at $6.31 at the time of reporting, with its trading volume witnessing a notable 14.15% increase, reaching $336.42 million.
(Adapted from original source: BeInCrypto)