- Bitwise Asset Management has made an initial move towards launching an Aptos (APT) Exchange Traded Fund after unveiling Aptos Staking ETP in November 2024.
- Following this report, the price of APT recorded a surge of 9% to trade at $6 as analysts anticipate a continuous move to $8.3.
Bitwise Asset Management has made a bold step towards an Aptos (APT) Exchange Traded Fund (ETF) launch as it officially files for a Delaware Trust associated with the underlying product. According to our research, this move makes Bitwise the first asset manager to pursue an Aptos ETF.
Details of the Story
Based on the information with Delaware’s Division of Corporation, the filing was made on Tuesday, February 25. However, this does not guarantee immediate approval as the move only represents a preliminary step towards the “bigger initiative.”
According to experts, Bitwise would have to take the next step by formally filing an application to the US Securities and Exchange Commission (SEC). As part of the application, the asset manager would have to include a comprehensive prospectus to explain the structure of the ETF. This would also include how it plans to track the asset and some details of its investment strategy.
After this, the Commission would review the application and either approve, reject, or request modifications. However, this could take several months for a decision to be announced. Meanwhile, official approval would allow institutional and retail investors to gain exposure without directly purchasing or managing the asset.
Bitwise’s interest in Aptos is evident in its previous launch of Aptos Staking ETP on November 19, making it the first in the world. As detailed in our previous news piece, the Aptos Staking ETP was said to be physically backed with the underlying asset staked to generate returns of approximately 4.7%.
Commenting on the breakthrough, Head of Europe at Bitwise Bradley Duke pointed out that the Aptos staking ETP was designed for individuals and institutions seeking “high-quality ways to gain exposure to this promising blockchain.” Fascinatingly, this reason could not be far from the recent move towards the Aptos ETF.
Joining the discussion, CEO and co-founder at Bitwise Hunter Horsley detailed the Aptos moves.
For seven years, Bitwise has been a dedicated partner to investors working to understand and access the opportunities in the new crypto asset class. With the launch of Bitcoin and Ethereum spot ETPs in the U.S., a huge cross-section of investors have begun researching and adding digital assets to their portfolios this year. We’re thrilled to launch the Bitwise Aptos Staking ETP to expand access to one of the most exciting next-generation blockchains in the space.
Following this report, Aptos recorded a significant surge of 9% on its 24-hour price chart to trade at $6.1. Additionally, its daily trading volume has responded heavily with a 39% surge as $347 million rotates within the market. According to our recent analysis, this asset can breach its crucial resistance level at $7 and continue to hit its 30-day high of $8.3.
Meanwhile, analysts have also predicted that the price could be massively impacted by the recent partnership with Mereo. As outlined in our recent blog post, this move is expected to redefine K-pop fan engagement.
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