- Bitwise has officially submitted a proposal for a 10 Crypto Index ETF to the SEC.
- The competition among asset managers in the U.S. market is heating up as Crypto ETFs gain traction.
Bitwise Asset Management has taken a significant step forward in expanding its cryptocurrency offerings by submitting the 10 Crypto Index ETF proposal to the U.S. Securities and Exchange Commission (SEC). This move indicates the firm’s commitment to the growing demand for crypto investment options.
Details of the Bitwise crypto ETFs
In collaboration with the New York Stock Exchange (NYSE), Bitwise has advanced the application process by filing a 19b-4 form, which has now been acknowledged by the SEC. If approved, this ETF would become the most comprehensive and diversified crypto ETF available in the U.S. market.
Bitwise has also recently filed for a Solana [SOL] ETF, joining other industry players like Canary Capital, VanEck, and 21Shares in offering diverse investment options in the cryptocurrency space.
The proposed fund is designed to include top-tier digital assets such as Bitcoin [BTC], Ethereum [ETH], Solana, Ripple [XRP], and Cardano [ADA], reflecting Bitwise’s commitment to tracking the market’s most valuable cryptocurrencies.
Influencer Big Pey commented on this development, highlighting the significance of including Cardano in the ETF and speculating on future movements in the market.
What’s included in the ETF?
The Crypto Index ETF proposed by Bitwise offers a well-balanced composition of digital assets, with Bitcoin holding a dominant share of 75.14%, followed by Ethereum at 16.42% and Solana at 4.3%. Other assets like XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Uniswap, and Polkadot make up the remaining portion of the fund, with varying allocations.
To calculate its Net Asset Value (NAV) daily, the ETF will use pricing data from CF Benchmarks. Additionally, Coinbase Custody will safeguard the crypto assets, while BNY Mellon will serve as the custodian for cash reserves and oversee operational management.
Industry developments
The increasing interest in crypto ETFs is evident through recent filings by firms like NYSE Arca, Hashdex, Grayscale, and Franklin Templeton, all seeking to offer diverse investment options in the cryptocurrency market. These developments signal a transformative phase for the U.S. market as regulators assess the future of crypto ETFs.