- Bitwise filed to create a Delaware-based Aptos ETF, marking a U.S. crypto investment first.
- The move positions Bitwise as a leader in the growing altcoin ETF market in the U.S.
- Grayscale and Canary Capital also file for crypto ETFs, signaling growing market interest.
Bitwise applied to create a Delaware trust on Tuesday to operate an Aptos ETF through which retail investors can access the asset. This action is the firm’s first-ever move to develop a U.S.-related ETF that will directly own the APT tokens. The next step would be to officially file for registration with the U.S. Securities and Exchange Commission (SEC), which is a testament to Bitwise’s intent to dominate the crypto ETF market.
Strategic Move in Delaware
Delaware government website also confirmed the filing, asserting it was a strategic move. As it formed the ETF in Delaware, Bitwise became the first US asset manager to engage in an investment product offering direct exposure to APT tokens. At the time of filing the report, Aptos was ranked among the world’s thirtieth biggest cryptocurrency by market capitalization. APT’s price rose by 13% after the news was out, with the token trading at $6.12, as of press time, up by 8.09% within the last 24 hours.
Bitwise is an investment management firm with over $12 billion in clients’ assets and offers different investment products. These are index funds, non-custodial staking, exchange-traded funds (ETFs), and exchange-traded products (ETPs). The company’s entry into the Aptos ETF market is, therefore, timely, especially given that asset managers are now looking beyond Bitcoin and Ethereum. This increase can be attributed to the increasing diversification trend among investors in the crypto markets.
Related: SEC Approves Bitwise Bitcoin and Ethereum ETF on NYSE Arca
Bitwise’s European Success
The Aptos ETF filing comes after Bitwise has achieved huge milestones in the European region. In November 2024, the firm announced issuing Bitcoin ETP on the SIX Swiss Exchange. Moreover, Bitwise launched an Aptos Staking ETP and attained coverage in the European market. Hunter Horsley, the CEO and co-founder of Bitwise, maintained that the company would continue to support investors in the growing crypto markets. He stated:
<blockquote> “For seven years, Bitwise has been a dedicated partner to investors working to understand and access the opportunities in the new crypto asset class.” </blockquote>
They proactively lay trademarks for other crypto-primarily based funding vehicles as Bitwise embarks into its U.S. Aptos ETF. The action comes against a backdrop of other firms making similar moves. Grayscale applied to a Polkadot Trust. Another contender in this race was Canary Capital, which attempted to gain a spot in HBAR ETF, a new altcoins-based crypto fund.
Interest in crypto ETFs has risen, which indicates that the industry is moving forward to coordinate with the investment markets for easy accessibility to crypto products. This has particularly been seen with Bitwise’s Aptos ETF filing, the latest development, together with other expansions of crypto investment solutions.
