Asset management company Bitwise has registered the entity "Bitwise Aptos ETF" in Delaware, a move that signals Bitwise is about to file an S-1 form with the SEC.
Bitwise files for Aptos ETF
According to records released in the early morning of 25/02/2025, asset management company Bitwise is preparing procedures to launch an ETF fund for Aptos (APT).
Specifically, the company has officially registered the "Bitwise Aptos ETF" fund in Delaware, marking the first step in realizing this ETF. Typically, such a registration move is a sign that the company is about to file an S-1 form with the U.S. Securities and Exchange Commission (SEC). In other words, Bitwise is preparing to bring the Aptos ETF to the traditional financial market, opening up opportunities for many investors to access the APT Token.
This move is not too surprising, as Bitwise had previously launched the Aptos Staking ETP on 6 Swiss exchanges in November 2024. Not only Bitwise, 21Shares has also listed a similar product on Euronext Amsterdam and Paris, indicating growing institutional investor interest in Aptos.
Following the above information, the APT price has surged more than 8.3% in the past 24 hours and is currently fluctuating around $6.12.
APT price movement in the past 24 hours, screenshot taken on CoinGecko at 02:00 PM on 27/02/2025
However, bringing an Aptos ETF to the U.S. market is still a bold move. Although Bitcoin ETF and Ethereum ETF have been approved by the SEC, for altcoin ETFs, this is still a legal gray area and they may face many difficulties in the approval process.
Nevertheless, as the U.S. government becomes more open to crypto, Bitwise is not the only one joining the crypto ETF race in the U.S. Recently, a number of altcoin ETFs have achieved important milestones, marking a significant step in the legitimization of the crypto market on Wall Street. Some notable developments include:
- The Grayscale XRP ETF has officially appeared in the Federal Register, initiating a 21-day public comment period and forcing the SEC to make a decision after this time.
- Canary Capital's Litecoin spot ETF has been added to the Depository Trust & Clearing Corporation (DTCC) ETF list. Being on the DTCC indicates that the fund has met the necessary criteria to be ready for listing.
- The SEC is also reviewing 4 Solana ETF applications from 21Shares, Bitwise, VanEck, and Canary Capital.
As for Bitwise, the asset management company has recently "unveiled" an ETF that invests in publicly traded companies holding Bitcoin. In addition, Bitwise is also accelerating in the ETF race by filing registration for a new series of funds including Dogecoin ETF, Solana ETF, and a diversified ETF comprising the top 10 cryptocurrencies by market cap.
In another development, Bitcoin and Ethereum ETFs continue to face strong selling pressure, with outflows reaching $754.6 million from Bitcoin ETFs and $94.3 million from Ethereum ETFs. This trend occurred right after a trading session that recorded a record $1 billion outflow, marking the largest outflow in the history of crypto ETFs since their inception.
Compiled by Coin68
