NYSE Arca, which is known as Wall Street’s electronic home for exchange-traded funds (ETFs), is seeking to list Bitwise’s $1.4 billion crypto index fund. The proposed ETF shows a carefully weighted portfolio, with Bitcoin taking up 75.14% and Ethereum at 16.42%, making up over 91% of the fund’s holdings.
The remaining portion is divided among mid-cap tokens such as Solana (4.30%), XRP (1.50%), and Cardano (0.70%). The rest is allocated to small-cap tokens like Avalanche (AVAX) at 0.60%, Chain link (LINK) and Bitcoin Cash (BCH) at 0.40%, and Polkadot (DOT) with Uniswap (UNI) at 0.30%. The fund has stringent criteria for the assets, such as stable trading volume, proper custody solutions, zero known security issues, and a price above $0.01 for at least 30 consecutive days.
Bitwise has chosen Coinbase Custody for digital assets and The Bank of New York Mellon to handle cash and administrative duties. Bitwise filed for a Solana ETF last week as SOL approached a new all-time high, and has combined three other Bitcoin and Ethereum futures ETFs into a single momentum-based strategy.
The fund, which has been around since November 2017, has a chance of being approved under new frameworks like Rule 8.800-E, which is specifically designed for digital assets. If approved, investors would be able to gain exposure to the broader crypto market through their regular brokerage accounts.
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