- Bitwise Submits a 10 Crypto Index ETF Proposal to the SEC for Approval.
- Crypto ETFs are gaining momentum as competition among asset managers increases in the US market.
Bitwise Asset Management has made significant progress in officially expanding its cryptocurrency offering submit the 10 Crypto Index ETF proposal to the US Securities and Exchange Commission (SEC).
Details of the Bitwise crypto ETFs
In partnership with the New York Stock Exchange (NYSE), the company advanced the filing process earlier this month with the filing of a 19b-4 form, which is now recognized by the SEC.
If approved, this would mark the introduction of the most comprehensive and diversified crypto ETF in the US market.
In addition, Bitwise recently applied for a Solana [SOL] ETF, which joins other industry players such as Canary Capital, VanEck and 21Shares.
The proposed fund is structured to include high-quality digital assets such as Bitcoin [BTC]Ethereum [ETH]Solana, Ripple [XRP]and Cardano [ADA]which reflects Bitwise’s long-standing commitment to tracking the most valuable cryptocurrencies on the market.
Just a note on this, influencer Big Pey went to X and noted:
“Remember when I speculated that ADA’s HUGE price movement came from someone buying ADA for an ETF? NYSE Arca just filed with the SEC to launch a Bitwise 10 Crypto Index Fund with Cardano as its fifth largest asset. I imagine Coinbase will follow suit, the first of many.”
What’s more?
That said, Bitwise’s proposed Crypto Index ETF offers a carefully balanced composition of digital assets, with Bitcoin having a dominant share of 75.14%, followed by Ethereum with 16.42% and Solana with 4.3%.
Other assets including XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Uniswap and Polkadot collectively make up the remainder of the fund, with allocations ranging from 1.56% to 0.30%.
To calculate its net asset value (NAV) at the end of each trading day, the ETF uses price data from CF Benchmarks.
Additionally, the fund partners with Coinbase Custody for the custody of its crypto assets.
Complementing this setup, BNY Mellon will play a critical role by acting as custodian of the cash reserves, administrator of the Trust and transfer agent, ensuring seamless operational management.
Other settings are included
Needless to say, the growing momentum around crypto ETFs underlines the increasing competition among asset managers vying for approval from US regulators.
Recent filings from leading companies such as NYSE Arca for Bitcoin and Ethereum ETPs, Hashdex’s amended S-1 for its Nasdaq Crypto Index US ETF, and Grayscale’s attempt to include altcoins such as Solana and Avalanche in its Digital Large Cap Fund underscore the evolution of the sector.
Additionally, Franklin Templeton’s entry into the space with a proposed ETF tracking Bitcoin and Ethereum reflects the significant institutional interest in diversifying crypto investment options.
These developments mark a transformative phase for the US market as regulators deliberate on the future of crypto ETFs.
