Bitwise Asset Management has applied to the SEC for an ETF based on its 10-Crypto Index Fund. This program seeks to provide investors with diversified exposure to ten of the most valuable cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Solana, XRP, Cardano, and others.
The proposed ETF, listed on NYSE Arca, provides indirect exposure to several cryptocurrencies while ensuring asset security through trustworthy partners. Coinbase Custody will preserve the digital assets, while Bank of New York Mellon (BNY Mellon) will handle cash management, administration, and transfer services.
The filing states that Bitcoin (75%) and Ethereum (16%) make up the majority of the fund’s portfolio, with smaller holdings in altcoins like Solana, Avalanche, and Chainlink. The fund’s total assets under management (AUM) are currently at $1.4 billion.
The SEC has acknowledged the filing but has not provided a deadline for approval. Optimism in the crypto sector has risen in response to recent political upheavals in the United States, with the new administration expected to take a more crypto-friendly regulatory approach.
Bitwise’s proactive strategy underscores its belief in the future of bitcoin ETFs, as demand for digital asset investments continues to rise. As the industry waits for the SEC’s judgment, Bitwise remains at the forefront of efforts to integrate cryptocurrency into traditional financial markets.
