Digital asset management firm Bitwise has filed an S-1 with the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on the APT cryptocurrency. The formal filing is the first legal step toward offering the ETF to the public.
Bitwise CEO Hunter Horsley noted the impressive growth of the APT ecosystem, saying the blockchain has seen 897% more development activity among new first-layer projects, which has led to increased interest from institutional investors.
The filing sent APT’s price soaring from $4.63 to $5.65 in a matter of hours, a 22% increase, and its daily trading volume hitting a quarterly high of $3.98 billion.
Aptus’ presence in European ETFs and support from BlackRock’s BUIDL fund indicate growing investor confidence in the cryptocurrency.