Bitwise Asset Management has introduced a new crypto ETP in Europe, marking the world’s first directly backed exposure to APT, the native token of the Aptos blockchain.
Aptos is a high-performance Layer 1 blockchain, renowned for its enterprise-level scalability.
The Bitwise Aptos Staking ETP (APTB SW) is set to list on the SIX Swiss Exchange on 19 November.
APTB is Bitwise’s first product launch since the firm entered Europe through its acquisition of ETC Group in August. Combined with ETC Group’s existing offerings, Bitwise now provides a total of ten crypto ETPs in Europe, including the largest and most liquid directly backed bitcoin ETP.
Aptos, launched in 2022, is a high-performance Layer 1 blockchain designed to support fast, scalable, and secure decentralized applications (dApps). Developed by a team of former Meta engineers, Aptos employs the Move programming language to enable efficient and secure smart contract development.
Known for its enterprise-level scalability, Aptos uses advanced transaction processing to handle high volumes of activity with low latency. With over 8 million monthly active users, it has quickly established itself as a key player in the blockchain ecosystem, offering innovative solutions for Web3 developers.
The Aptos token (APT) is central to the blockchain, facilitating transaction processing, staking for network security and rewards, and decentralized governance through voting on key proposals. It also incentivizes developers to build dApps and infrastructure, fostering ecosystem growth. With a total market cap of $6.5 billion, APT is currently the 19th largest crypto asset globally.
Bashar Lazaar, Head of Grants and Ecosystem at the Aptos Foundation, stated: “Accessibility is core to the Aptos ecosystem. Every day, users from all corners of the world and all levels of experience build, transact, and create on Aptos. This ETP makes joining the Aptos ecosystem more accessible and opens the door for new voices, developers, and audiences to get involved in a secure and transparent way.”
The Bitwise Aptos Staking ETP provides investors with convenient access to Aptos through a liquid, regulated vehicle, removing the technical challenges of managing private keys or crypto wallets. It employs a fully collateralized, so-called “physical” replication model, with each ETP share 100% backed by Aptos tokens stored using an institutional-grade custody solution.
Additionally, the ETP generates a passive return through staking income from its underlying Aptos holdings. Staking is a process where cryptocurrency is used to validate and secure transactions on a proof-of-stake blockchain, earning rewards in return. During staking, the Aptos holdings remain securely stored with the custodian, ensuring the ETP stays 100% physically backed at all times. According to Bitwise, the ETP is expected to generate an annualized return of approximately 4.7%, net of fees, from staking activities. This income will be accumulated directly within the ETP.
The Bitwise Aptos Staking ETP comes with an expense ratio of 0.85%.
Hunter Horsley, CEO and Co-Founder of Bitwise Asset Management, commented: “For seven years, Bitwise has been a dedicated partner to investors working to understand and access the opportunities in the new crypto asset class. With the launch of Bitcoin and Ethereum spot ETPs in the US, a huge cross section of investors have begun researching and adding digital assets to their portfolios this year. We’re thrilled to now be able to launch the Bitwise Aptos Staking ETP to expand access to one of the most exciting next-generation blockchains in the space.”
Bradley Duke, Head of Europe at Bitwise, added: “We have seen investors in Europe increasingly engaging with the digital asset class this year. The Aptos Staking ETP is designed for forward-thinking institutional investors and crypto-savvy individuals looking for a high-quality way to get exposure to this promising blockchain through a regulated wrapper. We’re thrilled to be introducing APTB via a primary listing on SIX Swiss Exchange.”