Bitwise took a step toward launching an exchange-traded fund (ETF) for Aptos (APT), a cryptocurrency based on a blockchain focusing on mainstream adoption of Web3.

The asset manager officially filed an S-1 document with the Securities and Exchange Commission (SEC) on Wednesday, signaling its intention to bring an Aptos-tracking ETF to the market.

This move follows Bitwise’s earlier filing to establish a Delaware trust entity, hinting at its plans for the fund. If approved, the ETF would provide investors with a regulated way to gain exposure to Aptos, a scalable Layer 1 blockchain token built using the Move programming language.

Regulatory Process and What Comes Next

Bitwise’s S-1 filing marks an essential step toward listing the Aptos ETF on a public exchange. However, the asset manager will also need to file a 19b-4 document, which is crucial for regulatory approval and triggers a formal SEC review with a strict timeline, Coindesk reported.

ETFs tied to cryptocurrencies have faced regulatory hurdles in the past, making the SEC’s response a key factor in determining whether the fund will move forward. News of Bitwise’s ETF filing coincided with a notable price jump for Aptos. The APT token surged 18% in the past 24 hours, reaching $6.48 at the time of filing.

Market reactions suggest growing investor interest in the token, which has positioned itself as a competitor in the Layer 1 blockchain space. Following the filing, APTOS’s price soared 17% in the daily chart to trade at $6.47, according to CoinMarketCap data.

Expanding Institutional Interest in Crypto ETFs

Bitwise’s latest filing highlights a broader trend of institutional investment in digital assets. While Bitcoin and Ethereum ETFs have dominated headlines, asset managers are now exploring opportunities with alternative Layer 1 networks.

If the SEC approves the Aptos ETF, it could pave the way for more crypto-based investment products, further integrating digital assets into traditional finance. The SEC’s decision on the Aptos ETF will be closely watched, as it could set a precedent for future filings focused on emerging blockchain projects.

Besides APTOS, Bitwise is also eyeing ETFs for other digital assets. Early this year, the US Securities and Exchange Commission approved the 19B-4 filing for Bitwise’s Bitcoin-Ethereum exchange-traded fund (ETF), moving NYSE Arca closer to listing and trading shares of the fund.