Market
BitWise Files for 10 Crypto Index ETF as SEC Review Begins
BitWise filed an application with the SEC to create an ETF based on its 10 Crypto Index Fund. If approved, this would be the most diversified and extended crypto ETF in the US market.
Earlier this week, BitWise also filed for a Solana ETF with the SEC, following the applications of Canary Capital, VanEck, and 21Shares
BitWise is Looking to Expand its Crypto ETF Offerings
According to the filing, the fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. BitWise has maintained this initial fund since 2018, correlating its value with the ten most highly valued cryptocurrencies.
“Remember when I was speculating that ADAs HUGE price movement was from someone purchasing ADA for an ETF? NYSE Arca just submitted a filing to the SEC to launch a Bitwise 10 Crypto Index Fund with Cardano as the fifth largest asset. I imagine Coinbase will follow, first of many,” influencer Big Pey posted on X (formerly Twitter).
BitWise joined the crypto ETF market earlier this year with its Bitcoin ETF (BITB). The firm was among the first ten applicants to file for an ETF with the SEC.
With the filing of this latest application, it seems like BitWise is looking to leverage the growing institutional appeal toward the broader crypto market. The firm also recently filed for an XRP exchange-traded product (ETP) in Europe.
The SEC officially acknowledged this submission, starting a countdown for the Commission to either reject or approve it. However, a deadline for deciding on this application has yet to be confirmed.
Overall, a new friendliness to the crypto industry is sweeping the US financial regulatory apparatus. Under Trump’s administration and a new SEC leader, the industry is likely to see more diverse ETFs being approved.
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