- Bitwise registers a Delaware trust for an Aptos (APT) ETF, marking a significant step in the ETF’s launch process.
- Aptos (APT) price surges 10.05% following the ETF news, trading at $6.18 with a market cap of $3.64 billion.
Bitwise Asset Management has taken a notable step towards launching an exchange-traded fund (ETF) dedicated to Aptos (APT) by filing for a Delaware trust. This makes Bitwise the first asset manager to pursue an Aptos ETF. The filing with Delaware’s Division of Corporations on February 25 is a preliminary step and does not guarantee immediate approval.
Moreover, the next step will be for Bitwise to submit a formal application to the SEC, which contains outlines of ETF’s structure, strategies, and plan about how it will track the asset. By reviewing the application, the SEC will decide whether they have to approve, reject, or request modifications in the application.
If the Aptos ETF is approved, it will permit institutional and retail investors to invest in APT without buying it directly. Besides this, recently Bitwise launched several ETPs in Europe which include the 21Shares Aptos Staking ETP and Bitwise Aptos Staking ETP.
Aptos Price Surges Amid ETF News
The ETF filing ignited a surge in APT price. According to CMC data, its price jumped by 10.05% in the last 24 hours. At the time of writing, it is trading at $6.18 with a market cap of $3.64 billion. Its daily trading volume also surged by almost 43.68% currently at $347.41 million.
For a prolonged time, Aptos price has been in the bearish grip trading below the key 50-day and 200-day exponential moving averages. However, it looks like ETF news gave hope to the investors as bulls have started pushing the price to upper levels.
According to the Tradingview data, on the 4-hour time frame, APT price broke above the 50-day EMA level and tried to break the 200-day EMA. The RSI is also looking bullish currently hovering at 61.48 above the 14-day SMA curve suggesting bullishness.
Highlighted Crypto News Today:
Litecoin Shows Recovery Signs After Its Recent Revisit to $110 Support
