Bitwise filed to create an Aptos ETF, building on the Delaware Trust application last week. Aptos is a “Made in USA” cryptocurrency, which may help its chances of approval with the SEC.
At the moment, however, the SEC is processing a heightened volume of ETF applications. Even if it takes a while to consider Aptos, the filings have still generated bullish momentum.
Aptos Enters the ETF Race
Since former Chair Gary Gensler left the SEC, it’s been receiving a fresh wave of ETF applications. The Commission has begun making progress towards several new altcoin ETFs, and potential issuers are branching out to meme coins.
Soon, the SEC will have to consider a new offering, as Bitwise filed to create an Aptos ETF.
Bitwise began laying the groundwork for an Aptos ETF last week when it filed to create an Aptos ETF Trust. Today’s new application seeks to convert that preexisting Trust into a full-fledged ETF, which is a fairly standard practice for crypto ETFs.
The Trust paperwork alone caused the price of Aptos to spike, and this new development has also fueled bullish sentiment.
Aptos surged over 18% after the ETF filing, while last week’s Trust paperwork only caused a 10% surge. A few things might explain this heightened sense of optimism.
Naturally, the process is moving along, and these successive developments may help spread the news to possible investors. However, another factor is looking very plausible.
Since Bitwise’s Aptos ETF Trust filing, President Trump announced a new Crypto Reserve plan. This new Reserve wouldn’t solely contain Bitcoin, but it would also include buying several “Made in USA” cryptoassets.
Aptos is far from the largest asset on this list, but it still qualifies. Over the past months, Aptos has increased its US market presence with notable partnerships with Circle.
Ultimately, though, this is still very early in the process. The SEC is accumulating a serious backlog of fresh ETF applications, and Aptos is rather far down the list.
Nonetheless, this is still good news, even if it’s unclear how likely approval might be. The filing alone has caused an APT price rally, and that’s a positive development when extreme fear dominates the crypto market.
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