Bitwise Files for Spot Aptos ETF: A Bold Move in the Crypto Space

On March 5, 2025, Bitwise, a leading crypto asset manager, filed an application with the U.S. Securities and Exchange Commission (SEC) to list a spot exchange-traded fund (ETF) for Aptos (APT), a layer-1 blockchain developed by two former Facebook (now Meta) employees. This filing marks a significant step for the firm as it seeks to expand its portfolio beyond its well-established spot Bitcoin (BTC) and Ether (ETH) ETFs.

Aptos: The “Solana Killer” That’s Gaining Traction

Aptos, a blockchain created by Mo Shaikh and Avery Ching, both former Facebook engineers, launched in 2022 with the goal of offering a high-speed, low-cost alternative to existing blockchain networks. Initially dubbed a “Solana killer,” Aptos was designed to compete with Solana's dominance in the decentralized finance (DeFi) and smart contract space. Despite these ambitious claims, Aptos has struggled to match Solana's market capitalization, which is currently over 19 times larger than Aptos's $3.8 billion market cap.

Despite this, Aptos has gained notable traction, boasting the 11th largest total value locked (TVL) among all blockchains at $1.03 billion, according to DefiLlama. Over $830 million of this value consists of stablecoins, underscoring the blockchain's growing adoption in the DeFi sector. Additionally, Aptos is also making strides in tokenizing real-world assets, such as the Franklin OnChain US Government Money Fund (FOBXX).

Bitwise's Latest Effort to Expand ETF Offerings

The Aptos ETF filing represents Bitwise’s latest move in its ongoing strategy to diversify its ETF offerings. The firm already offers spot ETFs for Bitcoin and Ether, and in recent months, it has filed similar applications for spot Solana (SOL), XRP (XRP), and Dogecoin (DOGE) ETFs.

In its March 5 filing, Bitwise submitted an S-1 registration statement to list the Bitwise Aptos ETF, which, unlike its other spot crypto ETFs, will not feature a staking mechanism for the Aptos blockchain’s proof-of-stake consensus model. This decision stands in contrast to other Bitwise products, which have incorporated staking features. Instead, Bitwise has chosen Coinbase Custody as the proposed custodian for the new ETF.

As of now, there is no indication of which stock exchange the ETF would be listed on, nor has Bitwise provided details about the proposed ticker or fees for the product. Furthermore, the firm will need to file a 19b-4 form for its Aptos ETF application and wait for SEC acknowledgment before the 240-day clock begins, after which the SEC will have to make a decision on approval.

A New Frontier for Altcoins

The decision to file for a spot Aptos ETF is notable given that the token is currently ranked 36th by market capitalization. At a price of $6.25 per token, Aptos’s market cap lags behind top competitors like Solana, Ethereum, and Bitcoin. Despite this, Aptos's rapid growth in DeFi and its increasing number of applications are indicators of its potential to carve out a niche within the broader crypto ecosystem.

Bitwise’s move to list an Aptos spot ETF is seen as an effort to tap into the growing interest in alternative cryptocurrencies and diversify its product offerings, catering to investors who want exposure to a range of digital assets beyond the dominant players in the space.

What’s Next?

With the recent boom in interest surrounding decentralized finance and the proliferation of new blockchain technologies, Aptos's continued growth will be closely watched. Whether Bitwise's spot ETF for the token will succeed in attracting investors remains to be seen, but it could be an important step in shaping the future of crypto investment products.

As Bitwise awaits the SEC's decision, the filing signals a strong commitment to providing investors with more options for cryptocurrency exposure. If approved, the Bitwise Aptos ETF could mark a new chapter in the expanding universe of digital asset investment products, offering investors a chance to gain exposure to one of the most ambitious blockchain projects in the industry.