Bitwise Files for Aptos ETF

Bitwise has submitted paperwork to launch an exchange-traded fund (ETF) tracking the price of Aptos (APT), the native token of the Aptos network.

The asset manager hinted at the move last week by filing to create a Delaware trust entity for the proposed Aptos ETF. APT is a scalable layer 1 blockchain token based on the Move programming language.

On Wednesday, Bitwise filed an S-1 document with the Securities and Exchange Commission (SEC), making its plans official. The S-1 filing is a requirement for companies seeking to issue a new security and be listed on a public stock exchange.

To launch such a fund, the asset manager will also need to file a 19b-4 filing, which is necessary to signal a rule change at the stock exchange seeking to list the investment and ties the SEC to a strict deadline.

As of the latest update, APT was trading 18% higher over the past 24 hours, at a price of $6.48.