Bitwise Files S-1 Document with the SEC for an Aptos (APT) ETF, Pumping the Token's Price

Cryptocurrency-specializing investment management firm Bitwise has filed an S-1 document with the U.S. Securities and Exchange Commission (SEC) for a spot Aptos (APT) exchange-traded fund (ETF), pumping the token's price.

Cryptocurrency-specializing investment management firm Bitwise has filed an S-1 document with the U.S. Securities and Exchange Commission (SEC) for a spot Aptos (APT) exchange-traded fund (ETF), a move that has pumped the token's price.

The SEC filing, which was filed on Wednesday, follows a “Bitwise Aptos ETF” entity filing in Delaware, the first step toward potentially issuing a new ETF.

In the filing’s Prospectus Summary, Bitwise noted that the Aptos network’s APT token was a non-security digital asset that has much utility.

“The Aptos token is a non-security digital asset created by Aptos Labs, a company that developed the Aptos blockchain protocol. The Aptos token is used to pay transaction fees on the Aptos network, secure the network through staking, and participate in governance on the Aptos blockchain.”

Following news about Bitwise’s filing, APT prices started gradually surging and at one point traded at $6.50 Wednesday before it settled at around $6.19 early Thursday, representing a 12% spike in the last 24 hours, as per data from CoinGecko.

The Aptos mainnet was launched late in 2022 following months of testing, following which the APT token logged an all-time high at nearly $20 in 2023 before gradually plunging later that year.

The APT coin has had its ups and downs, but it is one of a few altcoins considered to have real utility, especially for blockchain use cases.

Cryptocurrency users have shared divided views on the possibility of an Aptos ETF, as Bitwise begins the regulatory process.

Some believe the APT is not a “popular” asset and shouldn't be considered for an ETF.

“Why would anyone file an ETF for such an unpopular asset?

apt performance needs to justify an etf. market cap and volume still too thin for institutional products,” one user argued.

Other users, especially APT holders, are happy the Aptos network is getting more attention.

“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 https://t.co/rTp8lIU1JS

aptos looking good here 🌐”

Crypto analyst Bilal Nasir Khan said he wasn't surprised there was a filing for an APT ETF, “because Aptos is also an American coin,” seemingly referring to President Donald Trump's previous promises that he will support growth for American crypto firms and U.S.-based tokens.

Bitwise has filed to issue a host of new crypto ETFs, including one for top meme coin Dogecoin (DOGE), and major altcoins such as XRP and Solana (SOL).