Bitwise Aims to Revolutionize Crypto Investing with Aptos ETF
1min read Bitwise Asset Management has taken a significant step towards launching an Aptos exchange-traded fund (ETF), as it has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the fund. The proposed rule change, filed on February 25, 2025, would allow the New York Stock Exchange (NYSE) to offer the bitwise Aptos ETF, providing investors with direct exposure to the Aptos cryptocurrency on the NYSE.
The Bitwise Aptos ETF is structured as a Delaware statutory trust and will be managed under a trust agreement, with Bitwise acting as the sponsor. The fund's primary goal is to track the value of Aptos while covering its operational costs. The net asset value calculations will be tied to a pricing benchmark from CF Benchmarks Ltd. Unlike some other cryptocurrency ETFs, the Bitwise Aptos ETF will directly hold Aptos, with only minimal cash reserves for operational purposes.
Fees for the ETF, including Bitwise's management fee, will be paid in Aptos. The fund will use cash creations and redemptions, meaning investors won't be able to contribute or withdraw Aptos directly. coinbase has been named as the fund's Aptos custodian, while the bank of new york mellon will handle cash custody, administration, and transfer agency functions.
Bitwise's filing for the Aptos ETF comes amidst growing institutional interest in the cryptocurrency market. The firm previously submitted an S-1 registration for a Dogecoin ETF in late January and followed up with an S-1 registration for the Aptos ETF on February 27. If approved, Bitwise could become the first firm in the U.S. to launch an APT-based ETF.
