Event Background: A Strategic Upgrade from Swiss ETPs to U.S. ETFs
In March 2025, crypto asset management giant Bitwise submitted a spot ETF application for Aptos (APT) to the U.S. Securities and Exchange Commission (SEC), following its successful launch of an Aptos staking ETP in Switzerland. Aptos, a Layer1 blockchain, leverages the high security of the Move programming language and a PoS consensus mechanism. With a current market cap of USD 3.8 billion, Aptos ranks 36th among crypto assets. Bitwise’s filing marks the first time that a Layer1 project has entered the mainstream financial product arena. If approved, it will provide traditional capital with a compliant gateway to invest in blockchain tokens.
According to JuCoin data, following the announcement, APT’s price increased by 8.9% within 24 hours, reaching as high as USD 6.12, and its market cap exceeded USD 4 billion, reflecting market anticipation for institutional adoption of Layer1 assets.
Aptos’ Technical Foundation and Ecosystem Status
Aptos’ mainnet launched in 2022, boasting high throughput (theoretical TPS of 3,000) and low latency (transaction confirmation in under one second), with a technical architecture that outperforms many competitors. Its use of the Move language (evolved from Facebook’s Diem project) helps prevent smart contract vulnerabilities. There are over 200 active DApps on Aptos, spanning DeFi, NFTs, and gaming, and its total locked value (TVL) stands at USD 1.5 billion.
Bitwise’s core rationale for choosing Aptos lies in its compliance potential:
- Transparent Staking Model: The PoS mechanism offers an annual yield of 8%-12%, which aligns with traditional financial institutions’ demand for stable returns.
- Mature Developer Ecosystem: Leading projects such as Pontem Network (a decentralized exchange) and Aries Markets (a lending protocol) have already attracted a substantial user base.
Regulatory Challenges: SEC’s Scrutiny and Risks
The SEC’s review of the Aptos ETF will focus on two key issues:
- Token Classification Dispute: If APT is classified as a security (in reference to the XRP lawsuit), the ETF could be directly rejected.
- Market Manipulation Risk: Trading volume on the Aptos chain is concentrated among a few addresses, and the SEC may require the implementation of a monitoring and sharing protocol.
Bitwise’s strategy is to cite the successful case of the Swiss Aptos Staking ETP, which manages over USD 500 million in assets in Europe and has operated without any security incidents. However, the U.S. regulatory environment is more stringent, as the SEC has so far only approved ETFs for Bitcoin and Ethereum and remains conservative regarding altcoins.
Market Impact: Institutionalization and Layer1 Competition
If the Aptos ETF is approved, it could trigger several chain reactions:
- Capital Inflow Expectations: Drawing parallels with Bitcoin ETFs, the first-year fund inflows could reach USD 2 billion, potentially propelling APT into the top 20 by market cap.
- Staking Yield Instrumentation: The ETF might incorporate staking yield distribution (similar to the Swiss ETP’s 8%-15% annual yield), attracting conservative investors.
- Revaluation of the Sector: Other Layer1 tokens such as DOT and ADA might follow suit with their own ETF applications, creating a new asset class.
However, Aptos still faces ecosystem bottlenecks. Despite its technical advantages, its TVL is only one-fifth that of Solana, and its developer toolchain still lacks maturity. More market validation is needed.
Future Outlook: Technological Iteration and Regulatory Battles
2025 will be a critical year for Aptos’ ecosystem:
- Q2 – Technical Upgrade: The v3 version is planned to introduce modular sharding to enhance network performance.
- Q3 – Regulatory Feedback: The SEC might propose amendments to the S-1 filing, determining whether the ETF can proceed to the next phase.
- Q4 – Market Validation: If the ETF is approved, it will be necessary to verify whether sustained capital inflows can support its valuation.
For investors, it is crucial to closely monitor on-chain data (such as staking rates and large holder positions) and regulatory developments. Bitwise’s application is not only an opportunity for Aptos but also a litmus test for whether Layer1 projects can break through regulatory barriers. Under the dual pressures of technological innovation and compliance challenges, public blockchains that combine performance and transparency may lead the next crypto market cycle.
Neason Oliver
