Bitwise is back in the spotlight with a proposal for a new ETF featuring 10 cryptocurrencies submitted to the SEC. This move could change the crypto investment landscape.
What’s Inside the Fund?
The ETF is not just a Bitcoin-heavy fund, with Bitcoin holding 75.14%. It includes ten cryptocurrencies, with Ethereum at 16.42% and Solana at 4.3%, alongside coins like XRP, Cardano, Avalanche, and Uniswap to add diversity. Coinbase Custody will manage the crypto holdings, BNY Mellon will cover cash and administrative duties, and CF Benchmarks provides daily pricing for accurate valuations.
A Bigger Play Than Just Bitcoin
Bitwise aims to cover a broader market beyond just Bitcoin and Ethereum with additional altcoins. The company recently filed for separate Bitcoin and Ethereum ETPs via NYSE Arca and is exploring Solana ETFs. A key timing factor is Gary Gensler's departure as SEC Chair, possibly signaling a friendlier stance towards crypto ETFs.
What to Expect
Approval from the SEC remains uncertain. However, if granted, this ETF could pave the way for similar funds and bring crypto investing closer to the mainstream. For now, it's a waiting game with hopes for a significant market shift.
The new Bitwise index fund could play a crucial role in transforming approaches to crypto investments and make them more accessible to a wider audience.
