- SEC Reviews Bitwise’s 10 Crypto Index ETF: A Game-Changer for U.S. Crypto Markets?
- Bitcoin Leads the Pack as SEC Weighs Crypto ETF Expansion
- Bitwise Aims for Regulatory Approval: What This Means for Crypto ETFs
Bitwise Asset Management has filed its “10 Crypto Index ETF” application with the U.S. Securities and Exchange Commission (SEC). The proposed ETF seeks to track the top 10 cryptocurrencies by market capitalization, with Bitcoin, Ethereum, and Solana holding dominant weights. The filing reflects Bitwise’s growing ambition to establish broader crypto-based exchange-traded products amid significant leadership shifts at the SEC.
In collaboration with the New York Stock Exchange (NYSE), Bitwise Asset Management’s new filing might potentially transform the U.S. crypto market. As per the filing, the ETF is heavily weighted towards Bitcoin with an allocation of 75.14%, 16.42% to Ethereum, and 4.3% to Solana. Ripple’s XRP, Cardano, and Avalanche are also included in smaller proportions.
One of the notable features administered by Bitwise Index Services is monthly rebalancing, which keeps the ETF aligned with market changes. Partnered with NYSE, the asset manager aims to capitalize on shifting SEC dynamics, especially following the resignation of Gary Gensler as SEC Chair. This leadership change has spurred optimism for a more inclusive regulatory approach toward crypto ETFs.
Bitwise and 21Shares Expand Crypto Offerings
Previously, Bitwise had submitted applications for Bitcoin and Ethereum ETPs, reflecting a strategy to diversify its crypto offerings. Coinbase Custody and BNY Mellon provide critical operational support for this ETF, handling asset and cash custody, respectively. As the SEC reviews the application, many see this as a landmark moment that could expand crypto ETF approvals beyond Bitcoin and Ethereum.
The development comes after 21Shares, a leading provider of crypto exchange-traded products (ETPs), is set to launch ETPs for Pyth Network ($PYTH), Ondo Finance ($ONDO), Render Network ($RNDR), and Near Protocol ($NEAR) on Euronext Amsterdam and Paris. This expansion signifies growing institutional interest in these innovative blockchain projects.
Both Bitwise and 21Shars move demonstrates a broader trend towards increased accessibility and diversification in the crypto investment landscape. As the crypto market continues to evolve, these ETFs and ETPs offer investors a regulated and convenient way to gain exposure to a diverse range of digital assets.
