Bitwise Asset Management has filed for an exchange-traded fund (ETF) tied to its existing Bitwise 10 Crypto Index Fund (BITW).
On November 15, the New York Stock Exchange (NYSE) Arca applied to list the fund as an exchange-traded product (ETP).
A filing submitted to the SEC on November 27 outlines that the proposed ETF will allow investors to gain indirect exposure to various cryptocurrencies. The assets in the portfolio will be securely held by a custodian.
The Bitwise 10 Crypto Index Fund allocates its investments across several leading cryptocurrencies. The portfolio is heavily weighted toward Bitcoin (BTC) and includes Ethereum (ETH), Solana (SOL), Ripple’s XRP, Avalanche (AVAX), Chainlink (LINK), Cardano (ADA), Bitcoin Cash (BCH), Uniswap (UNI), and Polkadot (DOT).
As per the filing, the fund’s assets are limited to its portfolio holdings and cash, explicitly excluding other digital assets.
Launched in November 2017, the fund predominantly comprises Bitcoin (75.14%) and Ethereum (16.42%). It currently manages $1.4 billion in assets.
For the crypto holdings, Coinbase Custody serves as the partner, while the Bank of New York Mellon oversees cash management, administrative functions, and transfer operations for the fund.
The SEC has acknowledged the application but has not yet indicated when a decision will be made.
Bitwise, managing over $11 billion in assets, has been active in expanding its offerings. On November 27, the company rebranded its European XRP ETF to Bitwise Physical XRP ETP. Additionally, NYSE Arca applied on November 26 to list an ETF directly tied to Bitcoin and Ethereum. Earlier, on November 20, Bitwise also filed for a spot Solana ETF by establishing a statutory trust in Delaware.
4 Bitwise filings on here.
— Hunter Horsley (@HHorsley) November 27, 2024
The team is hard at work to continue doing what we've done for 7 years: work to open access for investors to this important new asset class — https://t.co/auLjDSR4Qu
This filing follows earlier SEC approvals for spot Bitcoin and Ether ETFs in January and May, respectively.
With recent political shifts, including numerous pro-crypto leaders gaining positions in the U.S. government, analysts suggest that regulatory attitudes toward the crypto industry may grow more favorable.