Bitwise Files SEC for 10 Crypto Index ETF: Updated Analysis
Bitwise, a major player in the crypto space, has just shaken things up by filing an application with the SEC for an ETF that goes way beyond just Bitcoin. This bold move includes a whopping 10 crypto indexes, which could be a game-changer for the entire world of crypto ETFs.
The timing of this filing is particularly interesting, as it comes on the heels of Gary Gensler’s upcoming departure. It’s possible that Bitwise is anticipating a more favorable regulatory environment in the near future.
While it’s still too early to predict the outcome of this filing, if approved, it could set a precedent for similar initiatives from other companies looking to get into the crypto ETF game.
What makes this Bitwise ETF application so significant is its scope. While Bitwise has previously applied for an XRP ETF, this new initiative is much more extensive. In addition to major players like Bitcoin, Ethereum, and XRP, it also includes lesser-known assets like Solana, Cardano, Uniswap, and more.
Digging into the details, it’s clear that Bitwise is pulling out all the stops. Coinbase Custody will handle the crypto holdings, BNY Mellon will manage the cash side of things, and CF Benchmarks will provide the actual prices. This level of involvement from key players signals Bitwise’s commitment to not just the core crypto assets, but the industry as a whole.
If this ETF gets the green light, it could open the floodgates for other companies looking to launch similar products. The approval of this application could pave the way for a wave of new ETFs focused on various crypto assets.
Of course, the regulatory landscape in the crypto world is constantly evolving. With Gensler on his way out, there are many uncertainties about what the future holds. It’s essential to stay informed and keep an eye on how these developments unfold in the coming months. The crypto space is always changing, so it pays to stay informed and ready for whatever comes next.
