Bitwise Files for an Aptos ETF
Bitwise Asset Management has officially submitted paperwork to launch an exchange-traded fund (ETF) that aims to track the price of Aptos (APT), the native cryptocurrency of the Aptos network. This move was hinted at last week when Bitwise filed to create a Delaware trust entity specifically for the proposed Aptos ETF.
Aptos is a highly scalable layer 1 blockchain that utilizes the Move programming language, designed to enhance performance and flexibility in decentralized applications. On Wednesday, Bitwise took a significant step by filing an S-1 document with the Securities and Exchange Commission (SEC), solidifying its intentions to bring this innovative financial product to market.
The S-1 filing is a critical requirement for companies seeking to issue new securities and obtain a listing on a public stock exchange. To successfully launch the ETF, Bitwise will also need to complete a 19b-4 filing, which is necessary to initiate a rule change at the stock exchange where the investment will be listed. This step ties the SEC to a strict deadline, ensuring regulatory oversight throughout the process.
As of the latest update, APT has seen a notable surge, trading 18% higher in the past 24 hours, with a current price of $6.48. This upward movement reflects growing interest and optimism surrounding the Aptos network and its associated token.
