As revealed in a Wednesday U.S. Securities and Exchange Commission (SEC) release, Bitwise, a popular American asset manager and exchange-traded funds (ETF) issuer, has submitted an S-1 application for a spot Aptos (APT) ETF. Aptos is the native cryptocurrency of the Aptos independent Layer 1 blockchain platform.
Notably, an ETF allows investors to gain indirect access to a cryptocurrency as they purchase investment funds that directly mirror the token’s price from the issuing asset managers, who, in turn, have enough reserve for the crypto asset.
Aptos ETF Knocks
Initially, Bitwise registered the fund in Delaware, USA, hinting to investors about the possible launch of an APT ETF. Therefore, the s-1 filing alerts the U.S. financial watchdog of Bitwise’s APT ETF plan.
Following the s-1 filing will be the 19b-4 applications from exchanges like the Chicago Board Options Exchange (CBOE) on behalf of the applicant asset managers, requesting the SEC to greenlight the applications. This is followed by an eight-month examination period for the agency to approve or decline the filings.
Meanwhile, after the filing announcement by Bitwise, APT saw a more than 15% price surge to reach the $6.5 mark as investors’ interest and community sentiment in the token grew to 76% bullishness. At press time, the coin has settled around the $6.2 mark and rides alongside the waves of the entire crypto market.
Crypto ETFs Soar
Agreeably, many U.S. investors have gone pro-crypto over the years. Thus, the launch of various crypto ETFs provides a safe way for them to gain exposure to the assets.
Spot bitcoin (BTC) ETFs started trading in January 2024 and have since scooped up about $40 billion from investors despite the crypto market’s volatility. ETH ETFs also gained approval from the SEC last year and have attracted many investors to the token, taking in over $4 billion.
Following the ETF’s success, many asset managers have filed with the agency for multiple altcoin spot ETFs, seeking approval before the year runs out. Remarkably, the crypto-pessimistic U.S. government and SEC administration have been replaced by pro-crypto rulers. Thus, the issuers have high hopes of gaining approval.
Meanwhile, BlackRock, a famous U.S. ETF issuer, recently added its BTC ETF, IBIT, to its investment portfolio.
