Bitwise has submitted paperwork to launch an exchange-traded fund (ETF) tracking the price of Aptos (APT), the native token of the Aptos network.
The asset manager hinted at the move last week when it filed to create a Delaware trust entity for a proposed Aptos ETF. APT is a scalable layer 1 blockchain token based on the Move programming language.
On Wednesday, Bitwise filed an S-1 document with the Securities and Exchange Commission, making its plans official. The S-1 filing is a requirement for companies seeking to issue a new security and be listed on a public stock exchange.
To launch such a fund, the asset manager will also have to file a 19b-4 filing, which is required to signal a requisite rule change at the stock exchange seeking to list the investment and ties the SEC to a strict deadline.
APT was trading 18% higher over the past 24 hours, at a price of $6.48 at press time.