Key Points
- Bitwise Asset Management has submitted a 10 Crypto Index ETF proposal to the U.S. Securities and Exchange Commission (SEC).
- The proposed fund includes top-tier digital assets such as Bitcoin [BTC], Ethereum [ETH], Solana, Ripple [XRP], and Cardano [ADA].
Bitwise Asset Management is broadening its cryptocurrency offerings, having officially submitted a 10 Crypto Index ETF proposal to the U.S. Securities and Exchange Commission (SEC).
This move comes as the competition among asset managers in the U.S. market intensifies, with Crypto ETFs gaining momentum.
Bitwise Crypto ETFs
The firm has partnered with the New York Stock Exchange (NYSE) and advanced the application process by filing a 19b-4 form, which the SEC has now acknowledged.
If approved, this would introduce one of the most comprehensive and diversified crypto ETFs in the U.S. market.
Bitwise recently filed for a Solana [SOL] ETF, joining other industry players like Canary Capital, VanEck, and 21Shares. The proposed fund includes top-tier digital assets such as Bitcoin [BTC], Ethereum [ETH], Solana, Ripple [XRP], and Cardano [ADA].
More on the Crypto Index ETF
The Crypto Index ETF proposed by Bitwise presents a carefully balanced composition of digital assets. Bitcoin holds a dominant 75.14% share, followed by Ethereum at 16.42% and Solana at 4.3%.
Other assets, like XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Uniswap, and Polkadot, form the remaining portion of the fund. To calculate its Net Asset Value (NAV) at the close of each trading day, the ETF will use pricing data from CF Benchmarks.
The fund has partnered with Coinbase Custody for the safekeeping of its crypto assets. BNY Mellon will serve as the custodian for cash reserves, the Trust’s administrator, and its transfer agent, ensuring smooth operational management.
The increasing momentum around crypto ETFs highlights the growing competition among asset managers seeking approval from U.S. regulators. Recent filings from firms like NYSE Arca for Bitcoin and Ethereum ETPs, Hashdex’s amended S-1 for its Nasdaq Crypto Index US ETF, and Grayscale’s bid to include altcoins like Solana and Avalanche in its Digital Large Cap Fund underline the industry’s evolution.
Moreover, 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 U.S. market as regulators deliberate on the future of crypto ETFs.
