Originally published on: November 28, 2024
Bitwise, a digital asset manager, has taken a significant step by filing an application for an exchange-traded fund (ETF) based on its established 10 Crypto Index Fund. The New York Stock Exchange (NYSE) Arca has initiated the process to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP) on Nov. 15.
The proposed Bitwise 10 Crypto Index Fund ETF will offer investors an indirect exposure to various cryptocurrencies, with the custodian maintaining custody of the Portfolio Assets. This fund includes allocations for popular cryptocurrencies such as Bitcoin, Ether, Solana, Ripple, Avalanche, Chainlink, Cardano, Bitcoin Cash, Uniswap, and Polkadot.
Bitwise’s 10 Crypto Index Fund, which was launched in 2017, primarily consists of Bitcoin and Ether. With assets under management totaling $1.4 billion, this fund has garnered significant attention in the market. Coinbase Custody will oversee the crypto component of the ETF, while The Bank of New York Mellon will handle cash holdings and serve as the custodian.
While the SEC has not specified a deadline for approval, Bitwise Asset Management remains optimistic about the potential of the Bitwise 10 Crypto Index Fund ETF. With over $11 billion in assets under management, Bitwise continues to make strategic moves in the market.
In a recent development, Bitwise rebranded its European XRP ETF to Bitwise Physical XRP ETP and filed for a Bitwise ETF featuring direct spot Bitcoin and Ether exposure. Additionally, the firm has registered a statutory trust in Delaware for a proposed spot Solana ETF.
As the regulatory landscape in the US evolves, industry experts anticipate a more crypto-friendly environment with the new government administration. Stay informed about the latest developments in the world of cryptocurrencies by subscribing to our Finance Redefined newsletter. Don’t miss out on key insights and opportunities to make informed financial decisions. Subscribe now!
