Global law firm White & Case LLP has advised Bitwise Group, a leading provider of digital asset-backed securities, on the expansion of its product portfolio to include the first Aptos staking exchange traded product (ETP).
The new product is scheduled to be listed on the SIX Swiss Exchange on November 19, 2024. It tracks the performance of the cryptocurrency Aptos, is traded in fiat currency and is 100 percent physically backed by Aptos, which are securely held at a regulated custodian.
As an additional feature, the product seeks to stake the Aptos held by the custodian in order to generate additional returns while simultaneously providing investors with daily liquidity on the stock exchange.
Formerly ETC Group, Bitwise is one of the world's leading crypto specialist asset managers. Since 2017, it has managed a suite of index and active solutions across ETPs, separately managed accounts, private funds and hedge fund strategies in both the US and Europe. Over the past four years in Europe, Bitwise has developed a suite of crypto ETPs including Europe's largest and most liquid bitcoin ETP. This family of crypto ETPs is domiciled in Germany and approved by BaFin.
The White & Case team in Frankfurt which advised on the transaction included partner Karsten Wöckener, local partner Claire-Marie Mallad and associate Daniel Sander.
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