BitWise has filed an application with the U.S. Securities and Exchange Commission (SEC) for a groundbreaking ETF that would track its 10 Crypto Index Fund.
This fund includes ten major cryptocurrencies: Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. If approved, it would be the most diversified crypto ETF in the U.S. market, reflecting a growing shift toward regulatory acceptance of crypto.
Operating since 2018, the BitWise 10 Crypto Index Fund tracks the value of the top ten crypto by market capitalization. This ETF aims to provide a broad exposure to the crypto market, catering to institutional investors seeking diversified options.
The SEC’s acknowledgment of the filing begins a formal review process, though no specific approval deadline has been set. Recent regulatory approval of Bitcoin ETF options trading has sparked optimism about more diverse crypto investment products entering the market.
On the other hand, Cardano’s inclusion as the fund’s fifth-largest asset has fueled speculation about its price surge. Influencers, like Big Pey on X (formerly Twitter), have linked the rise to potential large-scale purchases tied to ETF preparations, generating excitement among investors.
But the filing aligns with BitWise’s strategy to capitalize on institutional interest in crypto assets. The company previously launched a Bitcoin ETF (BITB) and filed for a Solana ETF.
Additionally, BitWise is expanding internationally, recently filing for an XRP exchange-traded product (ETP) in Europe, signaling its commitment to global crypto investment solutions.
The SEC’s evolving approach under new leadership suggests growing acceptance of crypto ETFs. This could pave the way for a more diverse range of crypto-related investment options, further integrating digital assets into global finance.
