Bitwise Takes a Step Toward Launching an ETF for Aptos (APT), a Cryptocurrency Based on a Blockchain Focusing on Mainstream Adoption of Web3.

The asset manager officially filed an S-1 document with the Securities and Exchange Commission (SEC) on Wednesday, signaling its intention to bring an Aptos-tracking ETF to the market. This move follows Bitwise's earlier filing to establish a Delaware trust entity, hinting at its plans for the fund.

Asset manager Bitwise has taken a step closer to launching an exchange-traded fund (ETF) for Aptos (APT), a cryptocurrency known for its focus on mainstream adoption of Web3. The firm has filed S-1 documents with the Securities and Exchange Commission (SEC), hinting at its plans for the fund.

Earlier this year, Bitwise filed to create a Delaware trust entity, which would hold the Aptos (APT) ETF, as reported by Coindesk. The asset manager is aiming to list the ETF on a public exchange, and it will also need to file a 19b-4 document with the SEC.

The 19b-4 filing is part of the regulatory approval process for the ETF, and it will trigger a formal SEC review of the fund with a defined timeline. The move comes amid growing interest in crypto ETFs, with several firms applying for approval to launch Bitcoin and Ethereum ETFs.

ETFs tied to cryptocurrencies have faced regulatory hurdles in the past, but recent filings suggest a shift in attitude from the SEC.

Aptos: A Scalable Layer 1 Blockchain Token

Aptos is a scalable Layer 1 blockchain token built using the Move programming language, designed for user-friendliness and seamless integration with existing financial systems.

The token has seen significant price gains in recent days, potentially driven by the ETF filing and broader market trends. At the time of writing, APT is trading at $5.54, up 13.48% in the past 24 hours.

Earlier this year, the US Securities and Exchange Commission approved the 19B-4 filing for Bitwise’s Bitcoin-Ethereum exchange-traded fund (ETF), moving NYSE Arca closer to listing and trading shares of the fund. The move signaled a potential opening for more crypto ETFs in the US market.

As the SEC processes the filings, investors will be closely following any updates on the approval status of the Aptos ETF and other crypto ETFs. The integration of digital assets into traditional finance continues to be a key focus for market participants and regulators alike.

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