US-based crypto specialist Bitwise Asset Management is set to launch its first exchange-traded product (ETP) since it acquired ETC Group in August this year.
The Bitwise Aptos Staking ETP (APTB) will list on the SIX Swiss Exchange on 19 November, with a total expense ratio (TER) of 0.85%.
APTB tracks the Compass Aptos Total Return 90% index which offers exposure to Aptos as well as additional staking rewards.
Launched in 2022, Aptos is a proof of stake blockchain that uses a smart contract, a tool to automate the process of a blockchain transaction.
Staking is the process of depositing crypto assets on the blockchain to validate transactions, generating a premium that is returned to investors.
APTB’s staking reward sits at 4.7%, which will be accumulated within the ETP.
Hunter Horsley, CEO and co-founder at Bitwise, said: “We are 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: “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 are thrilled to be introducing APTB via a primary listing on SIX Swiss Exchange.”
Elsewhere, ETC Group launched an ethereum staking exchange-traded product (ETP) earlier this year.
Bitwise AM’s Europe entry follows strong activity in the US, including the launch of the Bitwise Bitcoin ETF (BITB), which has amassed $3.2bn since its inception.
ETC Group has also been innovating in the crypto space this year, launching a first-of-a-kind bitcoin ETP that calculates its net-asset value (NAV) three times a day, in a move to “extend” liquidity across US, European, and Asian spot prices.
