Bitwise Asset Management has officially filed with the SEC for an index Exchange-Traded Fund (ETF) to track 10 major cryptocurrencies, including Bitcoin and Ethereum. The filing is under review through NYSE Arca.
Features of Bitwise 10-Crypto ETF
The ETF will include major cryptocurrencies such as Bitcoin, Ethereum, Solana, and XRP. Asset proportions are determined by their market capitalization.
Fund Management and Asset Custody
Coinbase Custody is appointed as the custodian of the crypto assets, while the Bank of New York Mellon (BNY Mellon) handles fund management and daily operations.
Bitwise Growth Through ETC Group Acquisition
The recent acquisition of the ETC Group is a significant step for Bitwise in expanding its presence in the crypto ETF market. The company is seeking further growth by applying for the creation of new funds.
The filing for a 10-Crypto ETF is a strategic move by Bitwise to expand its product offerings in the cryptocurrency market. This aligns with the company's plans to increase its presence and influence.
