Bitwise Files for Aptos ETF Amidst Growing Altcoin Interest

Bitwise, a prominent crypto asset manager, has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for a spot Aptos exchange-traded fund (ETF), known as the bitwise Aptos ETF. This move comes amidst a growing number of potential altcoin-based funds in the market.

Last week, Bitwise took the initial step of submitting a registration filing in Delaware, according to the official registration portal. The company previously launched an Aptos Staking ETP on six Swiss exchanges in November. Rival firm 21Shares also launched an Aptos Staking ETP in Euronext Amsterdam and Paris around the same time.

Aptos, a Layer-1 blockchain developed by Aptos Labs, aims to create a more efficient, scalable, and user-friendly platform for decentralized applications and smart contracts. The APT token, Aptos' native cryptocurrency, has a market cap of about $3.8 billion, ranking it as the world's 36th largest cryptocurrency.

The U.S. government appears keen on removing regulatory obstacles that impede the issuing of digital asset-related investment products. This trend could lead to the launch of several other potential altcoin ETFs in the market. Bitwise, for its part, has also filed to launch Dogecoin and XRP exchange-traded funds.