Aptos
Bitwise has filed for an $APT ETF. IBTimes US

KEY POINTS

  • Bitwise said the $APT token was not a security and can be used for payments
  • $APT's price surged 12% in the day following the news, trading at $6.50 one point
  • Some crypto users believe $APT isn't suited for institutional offerings
  • Other crypto users aren't surprised since $APT is "an American coin"

Cryptocurrency-specializing investment management firm Bitwise has filed an S-1 document with the U.S. Securities and Exchange Commission (SEC) for a spot Aptos (APT) exchange-traded fund (ETF), pumping the token's price.

Wednesday's SEC filing follows a "Bitwise Aptos ETF" entity filing in Delaware, the first step toward potentially issuing a new ETF.

Bitwise details $APT utility

In the filing's Prospectus Summary, Bitwise noted that the Aptos network's APT token was a non-security digital asset that has much utility.

  • Non-security – According to the investment firm, because APT is not a security, it is "not subject to the protections of the U.S. federal securities laws."
  • Payment utility – Bitwise noted that the APT coin can be used for paying for goods and services, in addition to sending transactions on the Aptos network.
  • Safe smart contract applications – It also noted that the blockchain natively integrated the Move programming language and other innovations to ensure that smart contract applications were secure and transaction speeds performed at their best.
  • PoS system – Bitwise also compared the mechanism used in the Aptos chain to the Bitcoin network's Proof-of-Work (PoW) model, saying Aptos's Proof-of-Stake model allowed validators to secure the network based on their APT holdings and staked APT coins, which "improves energy efficiency while maintaining robust security."

$APT surges on the news

Following news about Bitwise's filing, APT prices started gradually surging and at one point traded at $6.50 Wednesday before it settled at around $6.19 early Thursday, representing a 12% spike in the last 24 hours, as per data from CoinGecko.

APT price early March 6 2025
$APT price early March 6, 2025 CoinGecko

The Aptos mainnet was launched late in 2022 following months of testing, following which the APT token logged an all-time high at nearly $20 in 2023 before gradually plunging later that year.

The APT coin has had its ups and downs, but it is one of a few altcoins considered to have real utility, especially for blockchain use cases.

Crypto users divided over potential $APT ETF

Cryptocurrency users have shared divided views on the possibility of an Aptos ETF, as Bitwise begins the regulatory process.

Some believe the APT is not a "popular" asset and shouldn't be considered for an ETF.

One user said now that Bitwise made the first move, APT should "justify" it by performing better. "Market cap and volume still too thin for institutional products," the user argued.

Other users, especially APT holders, are happy the Aptos network is getting more attention.

Crypto analyst Bilal Nasir Khan said he wasn't surprised there was a filing for an APT ETF, "because Aptos is also an American coin," seemingly referring to President Donald Trump's previous promises that he will support growth for American crypto firms and U.S.-based tokens.

Bitwise has filed to issue a host of new crypto ETFs, including one for top meme coin Dogecoin (DOGE), and major altcoins such as XRP and Solana (SOL).

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