Originally published on: November 28, 2024
Cryptocurrency asset manager Bitwise has taken a significant step by applying for an exchange-traded fund (ETF) based on its popular 10 Crypto Index Fund. The move aims to provide investors with indirect exposure to a diversified portfolio of cryptocurrencies. The New York Stock Exchange (NYSE) Arca has filed to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP) on Nov. 15.
According to the recent filing to the United States Securities and Exchange Commission on Nov. 27, the proposed Bitwise 10 Crypto Index Fund ETF will offer investors a chance to tap into a range of cryptocurrencies. The fund’s holdings are heavily weighted towards Bitcoin, Ether, Solana, Ripple, Avalanche, Chainlink, Cardano, Bitcoin Cash, Uniswap, and Polkadot.
The fund emphasizes that its only assets will be Portfolio Assets and cash, with no intention to hold any other digital assets beyond the specified portfolio holdings. With Coinbase Custody handling the crypto component of the ETF and The Bank of New York Mellon serving as the custodian for the fund’s cash holdings, trust administration, and transfer agent, Bitwise is ensuring a reliable framework for its new offering.
Bitwise’s 10 Crypto Index Fund, established in 2017, primarily consists of Bitcoin and Ether, with assets under management (AUM) totaling $1.4 billion. The firm’s recent rebranding of its European XRP ETF to Bitwise Physical XRP ETP and its filings for ETFs featuring direct spot Bitcoin and Ether exposure demonstrate its commitment to expanding its presence in the market.
The SEC’s approval timeline for Bitwise’s 10 Crypto Index Fund ETF remains uncertain, but the submission has been duly acknowledged. As the regulatory landscape evolves, with increasing support for cryptocurrencies from government officials and leaders, the prospects for innovative investment products like the Bitwise ETF are looking brighter than ever. Stay tuned for more updates on this exciting development.