Key Takeaways:
- Diversified Fund: Bitwise 10 Crypto Index ETF includes Bitcoin, Ethereum, Solana, and other leading cryptocurrencies.
- Secure Operations: Coinbase Custody and BNY Mellon manage crypto holdings and fund administration.
- Regulatory Review: The SEC acknowledges the application, starting the review process for the cryptocurrency ETF.
YEREVAN (CoinChapter.com) — BitWise has officially filed for a 10 Crypto Index ETF with the SEC. This ETF will track BitWise’s 10 Crypto Index Fund, providing exposure to leading cryptocurrencies.
The fund includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).
The fund’s structure allocates weights to each cryptocurrency based on market value. Bitcoin leads with 75.14%, followed by Ethereum at 16.42% and Solana at 4.3%. Smaller portions include XRP and Cardano, ensuring diversified crypto exposure.
This ETF allows institutional investors to indirectly invest in multiple digital assets under a regulated framework.
Institutional Partners Enhance Security
The ETF relies on Coinbase Custody to manage cryptocurrency holdings, emphasizing secure operations. Additionally, Bank of New York Mellon (BNY Mellon) oversees cash custody, administrative services, and transfer agent roles. These partnerships establish a secure foundation for managing the fund’s assets.
For daily valuation, the ETF uses pricing data from CF Benchmarks, ensuring accurate calculation of its Net Asset Value (NAV). This approach reinforces operational transparency and reliability for investors.
SEC Reviews Bitwise 10 Crypto Index ETF
Bitwise recently submitted its application for an XRP exchange-traded product (ETP) in Europe, expanding its efforts in the crypto investment market. With its latest filing for the 10 Crypto Index ETF, the firm aims to tap into the increasing interest from institutional investors in broader cryptocurrency exposure.
The SEC has formally acknowledged the application, initiating the official review process. This acknowledgment marks the beginning of a timeline for the regulatory body to either approve or reject the proposal. However, the exact deadline for a decision has not been confirmed.
In the U.S., regulatory attitudes toward cryptocurrency appear to be shifting. Under the current administration and with new leadership at the SEC, there are signs of greater openness to crypto-related products, potentially paving the way for more ETF approvals in the future.
