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Aptos price rose sharply on Tuesday amid a major announcement from asset management firm Bitwise.

The price of Aptos (APT), which had jumped to above $11.00 as the broader crypto market mirrored Bitcoin’s (BTC) explosive run, shot to highs of $13.84 on Nov. 12.

Aptos’ price pump pushed bulls to levels last seen in early April – with the intraday high the highest level in eight months.

APT’s surge came as the market cheered news that Bitwise had announced the first-ever Aptos staking exchange-traded product.

According to a press release on Tuesday, Bitwise said the Bitwise Aptos Staking ETP, with ticker APTB, go live on November 19, 2024.

The Aptos ETP is the first in the world to track the native token of the layer-1 blockchain.

APTB will go live on the SIX Swiss Exchange and be available to both institutional and retail investors.

The physically-backed ETP will generate 4.7% of net fees for stakers as returns, with the offering benefiting from a regulated market with key factors such as regulated custodians, auditors, and administrators.

With Aptos making a mark in the blockchain space as a high-performance L1, there’s a lot of interest amid its growing traction.

Currently, the network records more than 8 million monthly active users.

It’s a major growth trajectory for a platform that launched in 2022 and entered a market dominated by Ethereum (ETH) and Solana (SOL).

Bitwise’s launch of the Aptos Staking ETP opens up the ecosystem to more users as the crypto industry records new interest.

The ETP adds to the overall accessibility for the APT token, which traded to an all-time high of $19.92 on January 26, 2023.

It also opens up the network to more developers. Mo Shaikh, chief executive officer and co-founder of Aptos Labs said:

The Aptos staking ETP marks a significant leap forward for the future of institutional adoption and validates the reliability, scalability, speed of the Aptos blockchain. I can’t wait to see what new potential it will unlock in the near future.

APTB’s debut will see it become Bitwise’s 10th ETP in Europe, adding to Bitcoin ETP (BTCE) and Ethereum Staking ETP (ET32) also launched in 2024.

The interest seen in the US Securities and Exchange Commission-approved spot Bitcoin ETFs means the appetite for more assets is increasing. 

Commenting on the launch, Bitwise chief executive officer and co-founder Hunter Horsley said:

With the launch of Bitcoin and Ethereum spot ETPs in the US, a huge cross section of investors have begun researching and adding digital assets to their portfolios this year. We’re thrilled to now be able to launch the Bitwise Aptos Staking ETP to expand access to one of the most exciting next generation blockchains in the space.

APT price hovered near $12.25 at the time of writing, up 7% in 24 hours and more than 48% in the past week.

The post Aptos hits 8-month high after Bitwise launches APT Staking ETP appeared first on Invezz

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