Bitwise Labs files an S-1 application form with the US SEC to launch an Aptos (APT) exchange-traded fund (ETF)

The news caused APT to surge 7% in one hour, increasing from $6.06 to $6.50 as of press time, based on CryptoSlate data.

Aptos (APT) price rose 7% in one hour as Bitwise filed S-1 application form with the US Securities and Exchange Commission (SEC) to launch an Aptos exchange-traded fund (ETF).

The ETF’s net asset value (NAV) will be determined using the CF Aptos-Dollar Settlement Price, a price benchmark that aggregates trading data from major Aptos trading platforms, according to the filing. Coinbase will serve as the ETF custodian.

The fund will be cash-settled and the shares will be created and redeemed in blocks of 10,000 shares.

The S-1 Form comes a week after Bitwise registered the fund with Delaware’s Department of State. Following this news, APT price jumped 8%.

Earlier, Bitwise launched an Aptos exchange-traded product (ETP) on the SIX Swiss Exchange in November 2024. The ETP offers staking of the underlying APT tokens.

Aptos’s official profile on X posted about the filing, acknowledging it as the “initial step toward offering an ETF linked to Aptos in the US market.”

Avery Ching, CEO and co-founder of Aptos Labs, said the filing is a “big first” for the Move ecosystem. Move is the underlying programming language for Aptos, created by developers involved in Meta’s defunct stablecoin project, Libra.

ETF trend

The Bitwise Aptos ETF follows a trend that started after President Donald Trump was elected.

Recently, Bitwise filed for a Dogecoin (DOGE) ETF and is waiting for the conversion of its index tracking 10 different cryptos, which the SEC recently delayed.

Other filings from different asset managers include Litecoin (LTC), Solana (SOL), Cardano (ADA), Hedera (HBAR), and XRP.

Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted such movement in late 2024, as the prospect of a crypto-friendly administration in the US would boost the odds of approvals and create a “wave of crypto ETFs.”