Bitwise's Aptos ETF Bid Boosts APT Token Amid Crypto Downturn

Bitwise's interest in launching an Aptos (APT) spot exchange-traded fund (ETF) has sparked a rally in the APT token, defying the broader crypto market downturn. The token surged over 8% while major cryptocurrencies like Bitcoin and Ethereum dropped more than 3%. APT outperformed the top 50 digital assets, reaching $6.15 as of press time.

On Feb. 26, Bitwise took the first step toward launching an Aptos ETF by registering the fund with Delaware’s Department of State. This move suggests that the firm may soon submit an S-1 application to the US Securities and Exchange Commission (SEC), potentially making it the first in the country to introduce an ETF holding APT tokens directly. If approved, the proposed ETF would expand Bitwise’s existing portfolio of spot crypto ETFs, which currently includes Bitcoin and Ethereum. In January, the firm also filed for a Dogecoin ETF, further demonstrating its commitment to broadening its digital asset offerings.

Aptos is a rising layer-1 blockchain developed by Aptos Labs to improve transaction speed and scalability. According to Token Terminal data, more than six million unique addresses have interacted with applications on the network in the past 30 days. The Aptos ETF registration aligns with a broader surge in crypto-related ETF filings in the US. Over the past months, several asset managers have been actively pursuing regulatory approval for various crypto investment products, capitalizing on what appears to be a more accommodating approach from the SEC. While an ETF filing does not guarantee approval, the SEC’s engagement with issuers has bolstered investor confidence in the future of digital asset funds.