Aptos APT/USD Blasts Off With Double-Digit Gains After Bitwise Files ETF Application

The Layer-1 blockchain token rallied over 12% in the last 24 hours, surging past $6 after over a month.

Aptos (APT) price shot up double-digit percent on Wednesday after cryptocurrency fund manager Bitwise Asset Management filed an exchange-traded fund application with the SECompact. The Layer-1 blockchain token rallied over 12% within the last 24 hours, surging past $6 after over a month.

The coin's trading volume soared 27.53% to $402.87 million in the 24-hour period. At press time, APT was trading at $6.23, up 13.61%. The coin's year-to-date performance stood at 38.97% drop.

The rally in the last 24 hours also saw Aptos outpace market behemoths Bitcoin (BTC) and Ethereum (ETH), which gained 5.53% and 5.22%, respectively.

The surge came after Aptos Labs CEO Avery Ching confirmed an S-1 filing by Bitwise to list shares of Bitwise Aptos ETF.

"It's a big 1st for the Move ecosystem, as promised, Ching said, referencing the programming language used in the Aptos blockchain.

Rumor no more. Can confirm @BitwiseInvest has filed an S-1 application for an @Aptos ETF.

It's a big 1st for the Move ecosystem, as promised.

Move money chain looking S-1 good here

The S-1 filing is a prerequisite for issuers to file to offer new securities. The firm submitted an ETF filing to Delaware's Department of State's Division of Corporations last week, considered a precursor to an official SEC filing.

The California-based Aptos Labs was built by former Meta Platforms (NASDAQ:META) engineers and operates a proof-of-stake consensus mechanism to power its Layer-1 blockchain. The company also joined hands with tech behemoth Microsoft (NASDAQ:MSFT) to integrate artificial intelligence with blockchain.

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