Originally published on: November 28, 2024
Bitwise, a leading digital asset manager, recently filed an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund. The New York Stock Exchange (NYSE) Arca submitted a request to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP) on Nov. 15.
In the filing to the United States Securities and Exchange Commission on Nov. 27, it was revealed that the proposed Bitwise 10 Crypto Index Fund ETF will offer investors indirect exposure to various cryptocurrencies. The fund’s allocations include Bitcoin, Ether, Solana, Ripple, Avalanche, Chainlink, Cardano, Bitcoin Cash, Uniswap, and Polkadot.
The Bitwise 10 Crypto Index Fund primarily consists of Bitcoin and Ether, with over $1.4 billion in assets under management (AUM). The fund’s crypto component will be managed by Coinbase Custody, while The Bank of New York Mellon will handle cash holdings.
Bitwise Asset Management, with over $11 billion in AUM, has been actively expanding its presence in the market. The firm recently rebranded its European XRP ETF to Bitwise Physical XRP ETP and filed for a Bitwise ETF featuring direct spot exposure to Bitcoin and Ether.
With the SEC yet to set a deadline for approving the application, industry experts anticipate a positive outcome given the current pro-crypto sentiment in the US government. As the regulatory environment becomes more favorable, investments in crypto-related assets are expected to gain traction.
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