SEC Approval of 10 Crypto ETF Filings by Bitwise: What to Expect

Bitwise, a prominent player in the crypto space, has put forward an intriguing idea: a 10-Crypto Index ETF. This proposal aims to shake up the traditional crypto investment landscape by offering a more diversified approach that goes beyond just Bitcoin and Ethereum.

So, what’s inside this innovative ETF? Well, it’s not just about Bitcoin and Ethereum. While these two heavyweights do have a significant presence in the fund, with Bitcoin holding the largest share at 75.14% and Ethereum following at 16.42%, the ETF also includes a mix of other popular cryptocurrencies. Solana, XRP, Cardano, Avalanche, and Uniswap make up the rest of the portfolio, providing investors with a broader range of options.

To ensure that this ETF is managed effectively, Bitwise has partnered with industry stalwarts like Coinbase Custody for handling crypto assets and BNY Mellon for overseeing cash and administrative tasks. Daily pricing will be provided by CF Benchmarks, ensuring that investors have access to accurate and up-to-date valuations. With such trusted names backing the fund, investors can rest assured that it is built on a strong foundation.

It’s clear that Bitwise is looking beyond the usual suspects of Bitcoin and Ethereum. Just last week, the company filed for separate Bitcoin and Ethereum ETPs through NYSE Arca, indicating its intention to expand its offerings. The interest in Solana with ETFs further highlights Bitwise’s growing confidence in alternative coins.

The timing of this ETF proposal is crucial, especially with SEC Chair Gary Gensler stepping down. Many in the crypto industry are hopeful that his departure could lead to a more favorable approach to crypto ETFs. This potential shift could bode well for companies like Bitwise, which are eagerly awaiting broader approval for their innovative investment products.

While we can’t predict the outcome, approval of this ETF could open the doors for more similar funds and bring crypto investing closer to mainstream investors. For now, all we can do is wait and see how this proposal unfolds. Stay tuned for updates on this exciting development in the world of crypto investing!