Bitwise has submitted paperwork to launch an exchange-traded fund (ETF) tracking the price of Aptos (APT), the native token of the Aptos network.

Key Details:

• Bitwise filed an S-1 application with the SEC to create an exchange-traded fund linked to Aptos (APT).
• APT serves as the native token for the scalable Aptos blockchain.
• The asset management firm first hinted at this initiative last week, following a filing to establish a Delaware trust entity for the proposed ETF.

On Wednesday, Bitwise officially submitted an S-1 document to the SEC, making its intentions clear. This S-1 filing is mandatory for companies intending to issue new securities and get listed on a public stock exchange.

In addition, to proceed with launching the fund, Bitwise will also need to file a 19b-4 submission, which indicates a necessary rule change at the stock exchange seeking to list the investment.

As of now, APT is trading 18% higher compared to the previous day, with a current price of $6.48.