Asset management company Bitwise has taken the first step to launch an Exchange-Traded Fund (ETF) for APT by filing an application to offer this fund in Delaware, USA. Bitwise aims to become the first company to launch an ETF for APT. The application for the fund was filed on February 25th but does not mean immediate approval. Bitwise needs to send its official request to the U.S. Securities and Exchange Commission (SEC) with a detailed plan of the fund structure, investment strategy, and APT price tracking method. Once the application is submitted, the SEC will review, approve, reject, or modify it. If approved, the APT ETF will allow institutional and retail investors to invest in this digital asset without the need to directly buy or manage APT. Launching this fund can increase liquidity and facilitate APT acceptance in public markets. It’s worth noting that this move by Bitwise follows the launch of several Exchange-Traded Products (ETPs) related to APT in Europe. APT is a layer 1 blockchain designed by former Meta (Facebook) engineers for scalability, security, and reliability. Bitwise’s application for an APT ETF indicates increased attention from asset managers towards altcoins. Following this news, the price of APT has seen significant growth, reaching $6.31 with a 12.47% increase in the past 24 hours. You can check live prices of all tokens and cryptocurrencies on the instant digital currency price page.
