APT Surges After Bitwise Registers Aptos ETF in Delaware

APT, the native cryptocurrency of Aptos, a Layer 1 (L1) blockchain developed by former Facebook engineers, is bucking the recent downtrend in crypto markets.

According to Coingecko data, APT has rallied by approximately 12% in the last two days, likely due to a recent exchange-traded fund (ETF) filing by asset manager Bitwise.

According to the state of Delaware's official website, Bitwise registered its Bitwise Aptos ETF on Feb. 25. In the crypto ETF landscape, a Delaware registration is usually a sign that an asset manager is preparing to file an S-1 registration form with the Securities and Exchange Commission (SEC).

The move comes after Bitwise launched an Aptos staking exchange-traded product (ETP) on six Swiss exchanges in November 2024. The asset manager claims the ETP will return approximately 4.7% net of fees to investors.

Bitwise currently operates Bitcoin and Ethereum ETFs and is awaiting approval to launch a Solana ETF. On Jan. 22, the company also submitted a Delaware filing for a Dogecoin ETF, as confirmed in an X post by Bloomberg Analyst James Seyffart.

Aptos has a market capitalization of $3.6 billion. Its total value locked (TVL) is $940.6 million per DefiLlama, and its DeFi ecosystem features dApps such as lending protocol Aries Markets and liquid staking protocol Amnis Finance.