Bitwise Asset Management has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund. The ETF would include ten leading cryptocurrencies. The fund is designed to reflect the prices of the ten assets in weighted proportions, providing investors with indirect exposure to the cryptocurrencies.
The fund’s net asset value (NAV) will be calculated using pricing data from CF Benchmarks. Coinbase Custody will oversee the crypto holdings, while the Bank of New York Mellon will act as custodian for cash reserves, administrator, and transfer agent. Bitwise’s Market Moves Bitwise’s registration comes as the firm builds momentum in the crypto market.
Earlier in November, the company crossed the $10 billion mark in assets under management (AUM), gaining an additional $1 billion in just 10 days. The asset manager has also expanded its ETF lineup. On November 26, it revealed that NYSE Arca had filed to list a combined Bitcoin and Ethereum ETP weighted by market capitalization.
The following day, Bitwise rebranded its European XRP ETF as the Bitwise Physical XRP ETP. Ripple has also pledged to invest in the product. Further, the company joined the Solana ETF train earlier this month. On November 20, it registered a statutory trust in Delaware for a proposed spot Solana ETF, adding to its earlier filing for an XRP exchange-traded fund in the state.
The recent election of Donald Trump to the U.S. presidency and the resignation notice of SEC Chair Gary Gensler have fueled optimism in the cryptocurrency sector. Many firms are capitalizing on this sentiment to push forward their crypto ETF proposals, with market expert Nate Geraci previously anticipating a wave of ETF filings following Trump’s triumph.
However, challenges persist. Bloomberg analyst James Seyffart recently warned that significant regulatory obstacles for altcoin ETFs could delay approval timelines.
Source
<p>The post Bitwise Asset Management Proposes New Crypto ETF to U.S. SEC first appeared on CoinBuzzFeed.</p>
