Bitwise Advances Aptos ETF Filing Amidst Rising APT Token Prices

Bitwise has officially submitted a proposal to establish an Aptos ETF, building on the Delaware Trust application filed last week. Being a “Made in USA” cryptocurrency, Aptos might have improved prospects for SEC approval.

Despite the SEC currently handling a surge in ETF applications, the momentum generated by these filings has proven to be bullish for Aptos.

Aptos Makes Its Move in the ETF Sector

Following the departure of former SEC Chair Gary Gensler, the agency has seen a significant influx of ETF applications. Progress is being made towards the approval of several altcoin ETFs, with various sponsors now also targeting meme coins.

Bitwise recently filed to create an Aptos ETF, seeking to transform the existing Trust into a fully operational ETF—a standard procedure in the crypto ETF sector.

This initial Trust application alone caused a price surge for Aptos, and the latest developments have further escalated investor optimism.

After the filing, Aptos experienced a remarkable price surge of over 18%, outpacing the 10% rise seen following the earlier Trust application. Such enthusiasm can be attributed to several factors.

The filing process is actively progressing, and these updates are surely informing potential investors. Additionally, there may be external influences at play.

Since Bitwise’s initial filing, former President Trump announced a new Crypto Reserve initiative. This program is set to diversify beyond Bitcoin, incorporating various “Made in USA” cryptocurrencies.

Aptos may not top the list of these assets, but it is certainly eligible. In recent months, it has strengthened its presence in the U.S. market through significant partnerships, such as one with Circle.

It is worth noting, however, that we are still in the early stages. The SEC is currently experiencing a backlog of ETF applications, with Aptos being relatively lower on the agenda.

Regardless, these developments are encouraging, even if the likelihood of approval remains uncertain. The ETF filing has already triggered a notable rally in the APT price, which is especially uplifting given the prevailing climate of extreme fear in the broader cryptocurrency market.