Aptos ETF filing boosts token price

Bitwise Asset Management has filed an S-1 registration statement with the Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) tracking Aptos (CRYPTO:APT), the native token of the Aptos blockchain.

This move marks a significant step towards mainstream adoption of Aptos, a Layer 1 blockchain known for its scalability and efficiency in decentralised applications (dApps).

Aptos, developed by former Meta engineers, has gained attention for its innovative technology and strong developer backing.

The Aptos token serves multiple roles, including transaction fees, staking, and on-chain governance.

The filing of the Aptos ETF has sparked an increase in the token's price, with APT surging by approximately 11% to $6.20 following the announcement.

This surge reflects growing investor interest in Aptos as a distinct blockchain platform.

Bitwise's filing is part of a broader trend in the crypto space, where altcoin-focused ETFs are gaining traction.

The company has also filed for ETFs related to other altcoins like Solana (CRYPTO:SOL), XRP (CRYPTO:XRP), and Dogecoin (CRYPTO:DOGE).

The proposed Aptos ETF will not include a staking feature and lists Coinbase Custody as the custodian.

However, it still requires additional filings, including a 19b-4 form, before the SEC can begin its review process.

Aptos Labs CEO Avery Ching noted that the S-1 filing is a significant milestone for the Move ecosystem, highlighting the potential for Aptos to become a major player in the blockchain industry.

As the crypto market continues to evolve, the approval of such ETFs could enhance liquidity and mainstream adoption of cryptocurrencies like Aptos, potentially redefining the investment landscape for digital assets.

The Aptos blockchain has also seen significant developments, including real-world asset tokenisation and partnerships with major companies like Microsoft.

At the time of reporting, the Aptos (APT) price was $6.20.