As Trump is about to take office and the SEC chairman is replaced, the U.S. cryptocurrency industry is trying to launch more diversified products. Fund company Bitwise has submitted a new cryptocurrency ETF application to the SEC, covering the top 10 cryptocurrencies and allocation The proportion is: Bitcoin (BTC) 75.1%; Ethereum (ETH) 16.5%; Solana (SOL) 4.3%; Ripple (XRP) 1.5%; Cardano (ADA) 0.7%; Avalanche (AVAX) 0.6%; Chainlink ( LINK) and Bitcoin Cash (BCH) 0.4% each; Polkadot (DOT) and Uniswap (UNI) 0.3% each.
Conceptually, this fund reflects asset prices in a weighted ratio, and only holds digital assets and cash in the portfolio. The net asset value is calculated by price data provided by CF Benchmarks, and Coinbase Custody is entrusted with custody to be responsible for digital assets and cash. Responsible for BNY Mellon. The SEC has confirmed receipt of the application but has not yet decided on a licensing timeline.
The essence of this ETF is to use "indexes" to allow small and medium-sized cryptocurrencies to be listed and traded. If it is passed, representative companies can almost include non-Bitcoin and Ethereum products such as XRP and SOL into ETFs and package them into US stocks for trading. Regulation is tantamount to releasing water. Although the market is optimistic about regulatory easing after Trump's election and the resignation of SEC Chairman Gary Gensler, analysts believe that this cryptocurrency ETF still faces major regulatory challenges.
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"MICA Daily｜Bitwise proposes ETF application based on 10 cryptocurrency indices" This article was first published on (Block Guest).
