APT Jumps as Bitwise Announces Plans to Roll Out First Aptos Staking ETP

Aptos has just hit an all-time high in total value locked of $1 billion. 

Asset management firm Bitwise announced early Tuesday that it plans to roll out the first Aptos staking exchange-traded product (ETP) on Nov. 19, a move that expands the ability for retail and institutional customers to invest in the Aptos ecosystem. 

The product, scheduled to list on the SIX Swiss Exchange, is backed by Aptos’ native token, APT, and will stake underlying tokens to generate a yield of about 4.7% net of fees, according to a press release. 

APT has jumped 4.3% in the last 24 hours and 46.4% in the past seven days to trade at $12.48, giving the cryptocurrency a market cap of $6.5 billion. 

Bitwise’s announcement comes more than two years after the mainnet launch of Aptos, a layer 1 blockchain that has since garnered an all-time high of $1 billion in total value locked, according to DefiLlama. Aptos also reached a record high in monthly active addresses in November at 8.4 million unique onchain wallets, per blockchain analytics firm Artemis. 

APT may also be benefiting from a popular—but completely unrelated—song named “APT” which was recently released by American singer-songwriter Bruno Mars and South Korean music artist Rosé, who is part of the KPOP group Blackpink. 

“My bull case for Aptos is that $APT is a fire song that’s been blowing up – which mentions the word APT 60 times. This amount of repeated exposure, the stimuli to the word, is incredible subliminal messaging. Insane marketing that associates happy, fun feelings with $APT,“ wrote one crypto user on X who goes by @0xPlutoo.

Another X user jokingly suggested that Aptos reach out to Rosé to make APT the protocol’s theme song. 

Bitwise is also a provider of spot ether and bitcoin ETFs in the US that have a collective $2.7 billion in net assets, data from SoSoValue shows.