APT Price Jumps as Bitwise Files for an Aptos ETF in Delaware

Bitwise Asset Management has taken the first step toward launching an Aptos (APT) exchange-traded fund (ETF), filing for a Delaware trust linked to the proposed product. 

This move positions Bitwise as the first asset manager to pursue an ETF dedicated to Aptos.

Bitwise Lays the Groundwork for an Aptos ETF

The filing with Delaware’s Division of Corporations, dated February 25, is a preliminary step in registering the trust for the proposed Aptos ETF. This move does not guarantee immediate approval or the fund’s launch.

Next, Bitwise will need to submit a formal application to the US Securities and Exchange Commission (SEC). This will include a detailed prospectus outlining the ETF’s structure, investment strategy, and how it plans to track Aptos. 

The SEC will then review the application, which could take several months. It can either approve, reject, or request modifications to the proposal. 

If approved, the Aptos ETF would allow institutional and retail investors to gain exposure to APT tokens without purchasing or managing the cryptocurrency directly, potentially boosting liquidity and mainstream adoption.

It is worth noting that Bitwise’s registration of an Aptos ETF in Delaware follows the launch of several Aptos exchange-traded products (ETPs) in Europe, including the Bitwise Aptos Staking ETP and the 21Shares Aptos Staking ETP.

For context, Aptos is a Layer 1 blockchain designed for scalability, security, and reliability. It was developed by former Meta (Facebook) engineers who previously worked on the now-defunct Diem project. Aptos uses the Move programming language, originally created for Diem, to enhance security and efficiency in smart contracts.

The prospect of a US ETF tied to APT highlights a broader trend among asset managers to diversify beyond Bitcoin (BTC) and Ethereum (ETH) ETFs, which have dominated the space since their approvals last year. 

Bitwise’s move follows its earlier registrations for ETFs linked to XRP (XRP), Solana (SOL), and Dogecoin (DOGE). This signals a strategic push to capitalize on the growing appetite for altcoin-based investment vehicles.

Meanwhile, the filing has sparked a double-digit surge in APT. The altcoin jumped 12.4% in the past 24 hours. 

The cryptocurrency, currently ranked 36th by market capitalization, was trading at $6.31 at press time. Its trading volume also saw a significant boost, rising 14.15% to $336.42 million.