Nikolas Sargeant
Bitwise has registered a new "Bitwise Aptos ETF" entity in Delaware, marking the latest move in the rapidly growing competition for altcoin-focused exchange-traded funds (ETFs). The registration, filed on February 25, signals that Bitwise may soon submit an S-1 registration to the U.S. Securities and Exchange Commission (SEC), further advancing its efforts to introduce an altcoin fund to the market. Aptos, a Layer-1 blockchain, has emerged as an attractive target for such funds, with its native token, APT, recently experiencing a surge in value.
This move comes as several other prominent asset managers are stepping up their efforts to launch altcoin ETFs. Bitwise’s competitor, 21Shares, has already launched its Aptos Staking ETP in Europe, while Grayscale is actively pursuing the launch of a Cardano ETF. Meanwhile, the SEC acknowledged Grayscales application for Dogecoin and XRP ETFs. As the altcoin ETF race intensifies, these filings signal growing investor interest in cryptocurrencies beyond Bitcoin and Ethereum.
The appetite for altcoin ETFs has been fueled by the success of Bitcoin and Ethereum spot ETFs in the U.S. market, which have encouraged a wider range of investors to explore digital assets. Hunter Horsley, Bitwise’s CEO, highlighted this shift, noting that the launch of these ETFs has sparked a wave of interest in adding digital assets to diversified portfolios. The Bitwise Aptos ETF could be a significant part of this trend, offering investors an avenue to gain exposure to one of the most promising Layer-1 blockchains.
Aptos, with its innovative technology and rising market capitalization, presents an appealing opportunity for fund managers looking to diversify their crypto product offerings. With Bitwise’s recent filings, including a Dogecoin ETF, the firm is positioning itself as a key player in the rapidly expanding altcoin ETF sector, setting the stage for more competition and innovation in the crypto investment space.
