Bitwise Asset Management has submitted an application to the U.S. Securities and Exchange Commission (SEC) to create an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund (BITW). The proposed ETF, filed on November 27, aims to offer investors indirect exposure to a diversified portfolio of cryptocurrencies.
The New York Stock Exchange (NYSE) Arca has filed to list the ETF as of November 15. The Bitwise 10 Crypto Index Fund ETF primarily allocates its assets to Bitcoin and Ether, along with other significant cryptocurrencies, as outlined below: - Bitcoin (BTC): 75.14% - Ether (ETH): 16.42% - Additional holdings include: Solana (SOL), Ripple (XRP), Avalanche (AVAX), Chainlink (LINK), Cardano (ADA), Bitcoin Cash (BCH), Uniswap (UNI), and Polkadot (DOT). The fund's custodial activities are managed by Coinbase Custody, while cash holdings and administration are overseen by Bank of New York Mellon, which acts as custodian, administrator, and transfer agent.
The fund currently holds $1.4 billion in assets under management (AUM) and aims to provide indirect exposure to cryptocurrencies without direct ownership by the Trust. The SEC has not yet established a timeline for the review of the application but has acknowledged its submission. Bitwise has been actively expanding its product offerings, having: - Rebranded its European XRP ETF as the Bitwise Physical XRP ETP on November 27. - Filed for a direct spot Bitcoin and Ether ETF on November 26. - Registered a statutory trust in Delaware for a spot Solana ETF on November 20. The recent U.S.
presidential election, along with pro-crypto victories in Congress, has generated optimism regarding a more accommodating regulatory environment, which could enhance the chances of ETF approvals. The Bitwise 10 Crypto Index Fund ETF stands out, as it provides investors with exposure to a diversified selection of leading cryptocurrencies.
This product appeals to those looking to hedge against market volatility while leveraging broader trends in the crypto market. Bitwise's expertise, combined with its partnerships with established institutions like Coinbase Custody and Bank of New York Mellon, boosts investor confidence. The filing for the 10 Crypto Index Fund ETF underscores a commitment to innovation within the digital asset arena.
If approved, this ETF could serve as a significant entry point for both institutional and retail investors to engage with a diversified crypto portfolio under a regulated framework, further solidifying Bitwise's leadership in crypto asset management, as emphasized by industry analysts..