Digital asset manager Bitwise has officially filed an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund. The filing, submitted on November 27, seeks approval for a new ETF aimed at providing investors indirect exposure to a mix of ten cryptocurrencies.
Bitwise's New SEC Filing
Bitwise has officially filed an application with the SEC for approval of an ETF based on its 10 Crypto Index Fund. This initiative aims to provide investors with indirect access to a portfolio of ten cryptocurrencies.
Fund Portfolio Overview
The Bitwise 10 Crypto Index Fund, launched in November 2017, currently manages $1.4 billion in assets. The proposed ETF will primarily comprise 75.14% Bitcoin and 16.42% Ethereum. Other cryptocurrencies in the fund include Solana, Ripple, Avalanche, Cardano, and Uniswap.
Strategic Moves and Expectations
To ensure the security of its crypto assets, Bitwise has partnered with Coinbase Custody and BNY Mellon. However, the SEC has not set a deadline for a decision on the application. Expectations for the ETF's approval have risen with the announcement of SEC Chair Gary Gensler's resignation.
The decision on Bitwise's ETF application could significantly impact the cryptocurrency market. Various factors, including changes in SEC leadership and upcoming regulatory shifts, are shaping market participant expectations.
