Bitwise offers a new ETF based on its 10 Crypto index fund

Bitwise Asset Management has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund.

The ETF would include ten major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot ( DOT), and Uniswap (UNI).

Deposit details

The fund is designed to reflect the prices of the ten assets in weighted proportions, providing investors with indirect exposure to cryptocurrencies.

Each asset in the crypto index ETF is assigned a specific share, with Bitcoin making up 75.1% of the index, Ethereum 16.5%, and Solana 4.3%. XRP accounts for 1.5%, followed by Cardano at 0.7%, Avalanche at 0.60%, and Chainlink and Bitcoin Cash at 0.4% each. Uniswap and Polkadot round out the index with allocations of 0.3% each.

According to a November 27 filing, the Trust’s assets will be limited to wallet assets and cash, and there are no plans to hold digital assets beyond those included in the wallet. He also explicitly disclaimed ownership of any additional cryptocurrencies.

The fund’s net asset value (NAV) will be calculated using pricing data from CF Benchmarks, which aggregates information from several cryptocurrency trading platforms.

Coinbase Custody will oversee the crypto holdings, while Bank of New York Mellon will act as custodian of liquidity reserves, administrator and transfer agent. Meanwhile, the SEC acknowledged receipt of the request but did not provide a timeline for the decision.

Bitwise Market Movements

Bitwise’s registration comes as the company gains momentum in the crypto market. Earlier in November, the company crossed the $10 billion mark in assets under management (AUM), earning another $1 billion in just 10 days.

The asset manager has also expanded its range of ETFs. On November 26, it revealed that NYSE Arca had filed to list a combined market cap-weighted Bitcoin and Ethereum ETP.

The following day, Bitwise rebranded its European XRP ETF to the Bitwise Physical XRP ETP. Ripple has also committed to investing in the product.

Additionally, the company joined the Solana ETF bandwagon earlier this month. On November 20, he registered a statutory trust in Delaware for a proposed Solana spot ETF, adding to his earlier filing for an XRP exchange-traded fund in the state.

The recent election of Donald Trump as US president and the resignation notice of SEC Chairman Gary Gensler have fueled optimism in the cryptocurrency sector. Many companies are capitalizing on this sentiment to advance their crypto ETF proposals, with market expert Nate Geraci previously anticipating a wave of ETF filings following Trump’s triumph.

However, challenges persist. Bloomberg analyst James Seyffart recently warned that significant regulatory hurdles for altcoin ETFs could delay approval timelines.