tl;dr
Bitwise has filed an S-1 form with the US Securities and Exchange Commission to launch an Aptos exchange-traded fund (ETF). The news caused APT to surge 7% in one hour. The ETF's net asset value will be determined using the CF Aptos-Dollar Settlement Price, with Coinbase as the ETF custodian. The fo...
Bitwise has filed an S-1 form with the US Securities and Exchange Commission (SEC) to launch an Aptos (APT) exchange-traded fund (ETF). This news led to a 7% surge in APT in just one hour, rising from $6.06 to $6.50 at the time of the press release based on CryptoSlate data.
The ETF's net asset value (NAV) will be determined using the CF Aptos-Dollar Settlement Price, an aggregate pricing benchmark based on trading data from major Aptos trading platforms. Additionally, Coinbase is set to act as the custodian for the ETF. The fund will be cash-settled, and shares will be created and redeemed in blocks of 10,000 shares.
Following the formal filing of the S-1 form, APT experienced an 8% jump. Bitwise had previously introduced an Aptos exchange-traded product (ETP) on the SIX Swiss Exchange in November 2024, offering staking of the underlying APT tokens.
Aptos's official profile on X acknowledged the filing as the "initial step toward offering an ETF linked to Aptos in the US market." Avery Ching, CEO and co-founder of Aptos Labs, described the filing as a "big first" for the Move ecosystem, the underlying programming language for Aptos created by developers previously involved in Meta's defunct stablecoin project, Libra.
The Bitwise Aptos ETF aligns with a trend that emerged after President Donald Trump's election. Bitwise has also filed for a Dogecoin (DOGE) ETF and is awaiting the conversion of its index tracking 10 different cryptos, a process that the SEC recently delayed. Other filings from various asset managers include Litecoin (LTC), Solana (SOL), Cardano (ADA), Hedera (HBAR), and XRP.
Bloomberg ETF analysts James Seyffart and Eric Balchunas predict that the prospect of a crypto-friendly administration in the US will increase the likelihood of approvals and lead to a "wave of crypto ETFs."