Aptos (CRYPTO: APT) blasted with double-digit gains Wednesday after cryptocurrency fund manager Bitwise Asset Management filed an exchange-traded fund application with the SEC.
What happened: The Layer-1 blockchain token rallied over 12% in the last 24 hours, surging past $6 after over a month. The coin's trading volume soared 27.53% to $402.87 million in the 24-hour period.
APT’s advance overpowered market heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which rose 5.53% and 5.22%, respectively, in the last 24 hours.
The surge came after Aptos Labs CEO Avery Ching confirmed an S-1 filing by Bitwise to list shares of Bitwise Aptos ETF.
"It's a big 1st for the Move ecosystem, as promised, Ching said, referencing the programming language used in the Aptos blockchain.
Why It Matters: The S-1 filing is a prerequisite for issuers to file to offer new securities. The firm submitted an ETF filing to Delaware's Department of State's Division of Corporations last week, considered a precursor to an official SEC filing.
The California-headquartered Aptos Labs was built by former Meta Platforms Inc. (NASDAQ:META) engineers and operates a proof-of-stake consensus mechanism to power its Layer-1 blockchain.
The company joined hands with tech behemoth Microsoft Corp. (NASDAQ:MSFT) in August 2023 to integrate artificial intelligence with blockchain,
Price Action: At the time of writing, APT was exchanging hands at $6.23, up 13.61% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has dropped 38.97%.
Photo by Avi Rozen via Shutterstock
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