- Bitwise has filed an S-1 application for the Bitwise Aptos ETF
- Then, we can expect the filing 19b-4 to allow the listing
- APT has already experienced an 18% lift from this news
Bitwise continues to expand its initiatives regarding crypto ETFs, and we’ve already seen Bitwise 10 crypto indexes ETFs, separate Bitcoin and Ethereum ETFs, and XRP ETF with other fillings. Now, it’s perhaps surprising for some going to Aptos, as Bitwise has filed an S-1 for the Bitwise Aptos ETF.
More About the Bitwise Aptos ETF
So, the Bitwise Aptos ETF is already traditionally registered in Delaware as a trust, and now we’ve seen an S-1 filing for the Bitwise Aptos ETF with the SEC. If this passes, what is yet to come is a 19b-4 filing from NYSE Arca or other exchanges to include a listing of the Bitwise Aptos ETF.
But why Aptos, you may ask? Some will say that it is not among the first promising assets but is not among the last ones, and Bitwise is just preparing for when favorable crypto regulations will gain momentum and bring mass approval.
And, some will say that there is something special about Aptos, and they will be right too. Aptos is an L1 blockchain that is highly scalable and fast, providing all the features we’re used to seeing on Ethereum like smart contracts, Dapps, etc.
However, it is much more efficient than Ethereum as it uses the faster and more secure Move language and also uses parallel transaction processing (Block-STM) which allows it to reach over 100,000 transactions per second (theoretically).
Speaking of numbers – APT is now ranked 38th by market capitalization at ~$3.60B at the time of writing. Also, APT experienced a noticeable boost from this news, and was up as much as 18% at $6.5, but has already corrected to $6.25 and is currently trading at ~$6.10.
Conclusion
Another move from Bitwise towards ETFs, but this time interesting and not quite expected. However, the technical underpinnings of Aptos are quite long-lasting and independent, which is encouraging.
We will closely watch Bitwise’s further developments, and this is probably not the last of them, especially if the pro-crypto regulations intensify after the upcoming crypto summit at the White House and a series of SEC roundtables. Be aware and stay tuned for updates on the rapidly evolving regulations and crypto landscape.
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