Bitwise Seeks to Launch Aptos ETF in US

Crypto asset manager Bitwise has filed to list a spot Aptos exchange-traded fund (ETF) in the US, marking its latest effort to expand beyond its existing offerings of spot Bitcoin (BTC) and Ether (ETH) ETFs. The filing, submitted on March 5, seeks to create an ETF focused on Aptos (APT), the 36th largest cryptocurrency by market capitalization, valued at over $3.8 billion.

Aptos, a layer-1 blockchain, was founded by two former Facebook employees, Mo Shaikh and Avery Ching, in 2021. It launched in October 2022 as a high-speed, low-cost alternative to Solana, earning the moniker "Solana killer." However, its market cap currently stands at only one-nineteenth the size of Solana's, according to CoinGecko data.

The Aptos ETF filing comes eight days after Bitwise registered a trust linked to the Aptos ETF in Delaware on February 28. Bitwise opted not to include a staking feature for the proof-of-stake-powered Aptos blockchain and listed Coinbase Custody as the proposed custodian of the spot Aptos ETF. The proposed fee, ticker, and stock exchange for the ETF have not yet been specified.

Bitwise will need to file a 19b-4 form for its Aptos ETF application and await the Securities and Exchange Commission's (SEC) acknowledgment before the 240-day clock begins for the SEC to make a decision. If approved, the Aptos ETF will join a growing list of altcoin ETFs currently in the line for the SEC's approval.

Bitwise's other recent US spot ETF filings have targeted top tokens by market capitalization, making Aptos an outlier. Aptos boasts the 11th largest total value locked among blockchains, with over $830 million consisting of stablecoins. Real-world assets such as Franklin OnChain US Government Money Fund (FOBXX) have also been tokenized on the Aptos blockchain.

Bitwise is no stranger to Aptos, having launched an Aptos Staking ETP on Switzerland's SIX Swiss Exchange in November, which offers a 4.7