- Bitwise submitted an S-1 filing to the SEC for an Aptos ETF making it the first company to file for this in the US.
- The ETF will hold Aptos and allow investors to buy and sell shares through brokers based on market demand.
- The SEC approval process may take months as crypto ETFs beyond Bitcoin and Ethereum still face regulatory challenges.
Bitwise Asset Management has submitted an S-1 filing to the U.S. Securities and Exchange Commission for an exchange-traded fund focused on Aptos. This marks the first application for an Aptos-based ETF in the United States.
Bitwise plans to introduce an ETF which will monitor the market price movements of the layer-1 blockchain token Aptos. The company has yet to disclose the ticker symbol of the ETF or the exchange where investors can find it.
ETF Structure and Investment Details
The ETF will hold Aptos and use the CF Aptos–Dollar Settlement Price as its pricing benchmark. It will offer exposure to APT by issuing shares backed by the cryptocurrency. Bitwise will manage the ETF and charge an annual management fee, though the exact rate remains undisclosed.
Shares will be created and redeemed in blocks of 10,000 units, known as “Baskets.” Authorized financial institutions will oversee these transactions.
Regulatory Approval Process and Challenges
The ETF approval process is expected to take several months. In addition to the S-1 filing, Bitwise must submit a 19b-4 filing. This document is required for rule changes at the stock exchange where the ETF will be listed. The SEC will review the application within a designated time frame before making a decision.
Regulatory uncertainty remains a challenge for crypto ETFs beyond Bitcoin and Ethereum. The SEC has yet to approve spot ETFs for other digital assets, making this application a test case for broader crypto ETF adoption.
Market Response and Future Prospects
Aptos ranks as the 36th largest cryptocurrency, with a market capitalization exceeding $3.8 billion. The blockchain operates on a proof-of-stake model and utilizes the Move programming language, initially developed for Meta’s Diem project.
The Aptos ETF filing reflects growing optimism about expanding crypto ETFs beyond Bitcoin and Ethereum. Regulatory changes have encouraged asset managers to seek approval for ETFs tied to alternative cryptocurrencies.
Bitwise continues to expand its ETF offerings. It previously introduced Aptos staking ETFs in Europe, providing investors with exposure to APT through regulated exchanges in Switzerland.
Several firms have also submitted applications for ETFs based on Solana, Hedera , Litecoin, XRP, and Dogecoin. While Bitcoin ETFs have received SEC approval, spot ETFs for other cryptocurrencies are still pending regulatory clearance. The upcoming White House Summit on crypto regulation reforms could further shape the future of crypto investments.
