Bitwise files for 10 Crypto Index Fund ETF with the SEC

2024-11-29 09:25:19 Primitive Reading

From financemagnates by Tareq Sikder

Digital asset manager Bitwise has submitted an application for an exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund (BITW).

New York Stock Exchange (NYSE) Arca filed to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP) on Nov. 15.

According to the Nov. 27 filing to the SEC, the proposed Bitwise 10 Crypto Index Fund ETF will give investors indirect exposure to the underlying cryptocurrencies, the custodian will “maintain custody of the Portfolio Assets.”Bitwise’s 10 Crypto Index Fund has a raft of different allocations, weighted heavily toward Bitcoin BTC$95,650, but also includes Ether ETH$3,572.36, Solana SOL$235.66, Ripple’s XRP$1.46, Avalanche AVAX$42.24, Chainlink LINK$17.87, Cardano ADA$0.9952, Bitcoin Cash BCH$506.67, Uniswap UNI$12.75 and Polkadot DOT$8.19.

“The Trust’s only assets will be Portfolio Assets and cash. The Trust does not seek to hold any digital assets other than Portfolio Assets and has expressly disclaimed ownership of any such assets,” the filing says.

Bitwise’s 10 Crypto Index Fund is predominantly made up of Bitcoin and Ether. Source: SEC

The Bitwise 10 Crypto Index Fund was launched in November 2017, with the bulk of the fund comprised of 75.14% Bitcoin and 16.42% Ether. The tracker for the fund lists $1.4 billion in assets under management (AUM).

Related: Ripple to invest in rebranded Bitwise XRP ETP

Coinbase Custody is listed as the partner for the crypto component of the ETF. While the Bank of New York Mellon is listed as the custodian for the fund’s cash holdings, the Trust’s administrator, and the transfer agent.

The SEC has not set a deadline to reject or approve the application, but the regulator has acknowledged the submission.

Bitwise Asset Management currently has over $11 billion in AUM and has been making quite a few moves in the market lately. On Nov. 27, the firm rebranded its European XRP ETF, launched in 2022, Bitwise Physical XRP ETP.

On Nov. 26, NYSE Arca filed to list a Bitwise ETF featuring direct spot Bitcoin and Ether exposure. On Nov. 20, the firm also registered a statutory trust in Delaware for a proposed spot, Solana ETF.

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