Bitwise Asset Management has filed for listing its 10 Crypto Index Fund as an ETF on the New York Stock Exchange (NYSE) Arca. This will allow investors indirect access to the fund's cryptocurrencies.
Bitwise's Plans for a New ETF
On November 15, NYSE Arca filed to list the Bitwise 10 Crypto Index Fund as an exchange-traded product. The SEC received this filing on November 27, which, if approved, will provide new opportunities for investors to indirectly participate in the cryptocurrency market.
Composition and Structure of the Fund
The fund includes various cryptocurrencies, with a significant portion allocated to Bitcoin and Ethereum. Other assets in the fund include Solana, Ripple, Avalanche, and others, with custody maintained by a trustee.
SEC's Reaction and the Future of Crypto ETFs
The SEC has not yet set a deadline for approving or rejecting the application. Meanwhile, Bitwise continues to actively expand its crypto asset offerings, including a recent rebranding of its European XRP ETF.
The filing for listing the Bitwise 10 Crypto Index Fund comes at a time when regulators are becoming more favorable toward the crypto market, potentially marking an important step in its development and opening new investment opportunities.
