BitWise Files for 10 Cryptocurrency ETFs with SEC
November 28, 2024
Bitwise has filed an application with the Securities and Exchange Commission to create an exchange-traded fund based on its Cryptocurrency 10 Index Fund. If approved, this fund would be the most diversified and broad-based in the U.S. cryptocurrency market.
Earlier this week, Bitwise also filed an application for its Solana Fund with the SEC, following applications from Canary Capital, VanEck, and 21Shares.
BitWise Seeks to Expand Its Cryptocurrency 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, pegging its value to the top ten cryptocurrencies by value.
“Remember when I speculated that ADA’s massive price move was due to someone buying ADA for an ETF? NYSE Arca just filed with the SEC to launch a Bitwise 10 crypto index fund with Cardano as the 5th largest asset. I imagine Coinbase will follow, the first of many,” influencer Big B posted on X (formerly Twitter).
Bitwise joined the cryptocurrency exchange-traded fund market earlier this year with its Bitcoin Trust (BITB). The company was among the first ten applicants to file an ETF application with the Securities and Exchange Commission.
With this latest filing, Bitwise appears to be looking to capitalize on the growing institutional appeal of the broader cryptocurrency market. The company also recently filed for an XRP trading product in Europe.
The SEC has officially acknowledged the filing, setting the clock ticking for the commission to either reject or approve it. However, a deadline for a decision on the filing has not yet been confirmed.
Overall, there is a newfound friendliness toward the cryptocurrency industry sweeping through the U.S. financial regulatory system. Under the Trump administration and a new SEC leader, the industry is likely to see more diverse ETFs approved.
