Digital asset manager Bitwise submitted an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund.
The New York Stock Exchange (NYSE) Arca had filed to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP) on Nov. 15.
According to the Nov. 27 filing to the United States Securities and Exchange Commission, the proposed Bitwise 10 Crypto Index Fund ETF will give investors indirect exposure to the underlying cryptocurrencies, while the custodian will “maintain custody of the Portfolio Assets.”
Bitwise’s 10 Crypto Index Fund has a raft of different allocations, weighted heavily toward Bitcoin (BTC), but also including Ether (ETH), Solana (SOL), Ripple’s (XRP), Avalanche (AVAX), Chainlink (LINK), Cardano (ADA), Bitcoin Cash (BCH), Uniswap (UNI) and Polkadot (DOT).
“The Trust’s only assets will be Portfolio Assets and cash. The Trust does not seek to hold any digital assets other than Portfolio Assets and has expressly disclaimed ownership of any such assets,” the filing says.
Bitwise’s 10 Crypto Index Fund is predominantly made up of Bitcoin and Ether. Source: SEC
The Bitwise 10 Crypto Index Fund was launched in November 2017, with the bulk of the fund comprised of 75.14% Bitcoin and 16.42% Ether. The tracker for the fund lists $1.4 billion in assets under management (AUM).
Related: Ripple to invest in rebranded Bitwise XRP ETP
Coinbase Custody is listed as the partner for the crypto component of the ETF. The Bank of New York Mellon is listed as the custodian for the fund’s cash holdings, the Trust’s administrator and the transfer agent.
The SEC has not set a deadline to reject or approve the application, but has acknowledged the submission.
Bitwise Asset Management currently has over $11 billion in AUM and has recently been making moves in the market. On Nov. 27, the firm rebranded its European XRP ETF, launched in 2022, to Bitwise Physical XRP ETP.
On Nov. 26, NYSE Arca filed to list a Bitwise ETF featuring direct spot Bitcoin and Ether exposure. On Nov. 20, the firm also registered a statutory trust in Delaware for a proposed spot Solana ETF.
Source: Hunter Horsley
In January, the SEC first approved spot Bitcoin ETFs from asset managers for listing and trading on US exchanges. In May, the regulator greenlit shares of spot Ether ETFs.
Since President-elect Donald Trump won the US election and hundreds of pro-crypto candidates won seats in Congress, industry leaders have suggested the US government will become the most pro-crypto in history, which should result in a more favorable regulatory environment.
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