Bitwise seeks SEC approval for ETF tracking top cryptocurrencies
Bitwise applies for ETF tracking 10 major cryptocurrencies
Bitwise, a well-known digital asset manager, has filed an application for a new exchange-traded fund (ETF) based on its existing 10 Crypto Index Fund, aiming to provide investors with diversified access to leading cryptocurrencies. The New York Stock Exchange (NYSE) Arca submitted an official application on November 15 to list the product as an exchange-traded product (ETP).
According to documents filed with the U.S. Securities and Exchange Commission (SEC) on November 27, the 10 Crypto Index Fund ETF will offer indirect exposure to a portfolio of major cryptocurrencies. Coinbase Custody will safeguard the digital assets, while The Bank of New York Mellon will act as the fund’s cash custodian and administrator, reports Coincu. To address concerns about market manipulation, ETF shares will be issued and redeemed exclusively for cash.
Composition and fund mechanics
The ETF aims to replicate the performance of the Bitwise 10 Crypto Index, a benchmark tracking the largest cryptocurrencies by market capitalization. The fund includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI). The assets will be adjusted monthly to ensure the portfolio remains aligned with current market conditions, with assets weighted by free-float market capitalization.
This product builds on the foundation of the Bitwise 10 Crypto Index Fund, first launched in November 2017. Currently, Bitcoin and Ethereum dominate the fund’s composition, accounting for 75.14% and 16.42%, respectively. The fund manages $1.4 billion in assets under management (AUM), making it one of the largest crypto index funds available.
Regulatory and market impact
If approved, the ETF will be listed on NYSE Arca under Rule 8.800-E, expanding access to cryptocurrency investments for institutional and retail investors alike. The application comes at a time when the SEC is increasingly receptive to digital asset products, having recently approved spot Bitcoin and Ethereum ETFs.
Bitwise’s latest proposal complements its previous initiatives, including applications for XRP and Solana ETFs in both the U.S. and Europe. Approval of the Bitwise 10 Crypto Index Fund ETF would represent significant progress, offering investors a regulated and diversified entry point into the cryptocurrency market.
Awaiting a decision
The SEC has not yet set a timeline for its ruling on the application. Meanwhile, market participants remain optimistic that approval could pave the way for broader cryptocurrency adoption, signaling a transformative shift in the financial landscape.
Notably, Bitwise recently announced the rebranding of its European XRP exchange-traded product to Bitwise Physical XRP ETP as part of broader efforts to unify its product lineup.
