Bitwise, a cryptocurrency fund manager, has registered a legal entity named “Bitwise Aptos ETF” in the state of Delaware, according to the official registration portal. This move generally suggests that a Form S-1 filing with the Securities and Exchange Commission (SEC) is being prepared, indicating a possible future listing of the ETF on the US market.
A new milestone for Bitwise with the registration of an Aptos ETF
Bitwise is no stranger to the ETF crypto market. The company has already made a name for itself by launching several financial products, including an Aptos Staking ETP on six Swiss exchanges last November. This initiative comes amidst a rapid expansion of ETFs linked to digital assets, especially after the approval of Bitcoin and Ethereum spot ETFs in the United States.
A race for altcoin ETFs
The registration of this Aptos ETF comes as several fund managers accelerate the filing of their own products on altcoins. Grayscale, a major player in the industry, recently submitted a Form 19b-4 to the SEC to list its Grayscale Polkadot Trust on the stock exchange. Canary Capital followed suit with a similar request for an ETF based on the HBAR token.
Bitwise, already vying for an ETF Dogecoin filing in January, continues to expand its offerings to capture a share of the booming crypto ETF market. This increased competition reflects the growing appetite of investors for regulated exposure to digital assets beyond Bitcoin and Ethereum.
Aptos, a young yet promising blockchain
The interest in an Aptos ETF is explained by the rise of this Layer 1 blockchain, whose mainnet was launched in 2022. Designed by former Meta engineers, it is based on the Move language and focuses on advanced scalability.
Its token APT, currently ranked as the 30th largest crypto by market capitalization, has a valuation of $3.6 billion. Despite a generally bearish market, its price has surged by 11% in 24 hours, reaching $6.22, a testament to the interest of investors.
A market in the process of structuring
The rise of altcoin ETFs shows that the crypto market is entering a new phase of maturity. After the acceptance of Bitcoin and Ethereum ETFs, institutional players are now seeking to structure financial products on emerging blockchains.
If the SEC approves these requests, it could open the door to a wave of ETFs on other cryptocurrencies, strengthening their adoption and liquidity in the market. It remains to be seen if Aptos will be able to establish itself amidst fierce competition from other well-established Layer 1 networks.
