Bitwise registers Aptos ETF entity in Delaware as altcoin fund competition escalates

Crypto fund manager Bitwise has registered an Aptos ETF entity in Delaware, according to the government's official website.

The official registration portal shows that "Bitwise Aptos ETF" was registered on Feb. 25. Such registration typically signals that a fund manager is preparing to file an S-1 registration with the U.S. Securities and Exchange Commission.

Bitwise — one of several asset managers that have launched spot crypto ETFs in the U.S. — launched its Aptos Staking ETP on six Swiss exchanges in November. "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,” Hunter Horsley, CEO and co-founder of Bitwise, said about the Swiss listings at the time.

21Shares also launched its Aptos Staking ETP in November in Euronext Amsterdam and Paris. Bitwise also recently filed a Doge ETF registration in Delaware in January.

The news comes as several ETF managers race to file their altcoin ETF applications. For example, Grayscale filed a 19b-4 proposal on Tuesday with the SEC to list the Grayscale Polkadot Trust. Canary Capital also submitted a 19b-4 filing for a spot HBAR ETF earlier this week.

Aptos, a Layer-1 blockchain, launched its mainnet in 2022. Its token APT is ranked 36th with a market capitalization of $3.6 billion, according to The Block's Aptos price page. Its price rose 8.9% over the past 24 hours to $6.12 despite a broader crypto sell-off.

Bitwise did not immediately respond to The Block's request for further comment.