BitWise Applies for SEC Approval of New 10 Crypto Index ETF
BitWise has submitted an application to the SEC for a new ETF tracking its 10 Crypto Index Fund, which includes ten leading cryptocurrencies: Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. If approved, it would represent the most diverse crypto ETF in the U.S. market.
The SEC's acknowledgment of the filing initiates a regulatory review process, with a timeline for approval or rejection. No specific deadline has been set, but this reflects increasing acceptance of cryptocurrencies in U.S. financial regulation. Recent approvals for Bitcoin ETF options trading have generated market optimism.
BitWise has operated its 10 Crypto Index Fund since 2018, aimed at tracking the value of the top ten cryptocurrencies by market capitalization. This aligns with the company’s strategy to leverage growing institutional interest in crypto assets. Earlier this year, BitWise launched a Bitcoin ETF (BITB) and filed for a Solana ETF, joining firms like Canary Capital, VanEck, and 21Shares in expanding their crypto offerings.
Beyond U.S. markets, BitWise is exploring international opportunities, recently filing for an XRP exchange-traded product (ETP) in Europe. These initiatives demonstrate BitWise’s commitment to establishing a significant presence in the evolving crypto investment landscape.
The inclusion of Cardano (ADA) in the 10 Crypto Index Fund has sparked speculation, with some linking ADA’s recent price surge to large-scale purchases for ETF purposes. Influencer Big Pey highlighted this on X (formerly Twitter), noting Cardano is the fund's fifth-largest asset, generating excitement among investors anticipating market shifts if the ETF is approved.
The SEC's changing stance on cryptocurrency ETFs under new leadership indicates a broader shift in U.S. financial policy. The industry may witness a wave of diverse crypto-related investment products as regulators become more accommodating, reflecting increased recognition of cryptocurrencies' role in global finance.
With this latest filing, BitWise positions itself as a leader in the crypto ETF sector, leveraging its expertise and growing institutional demand for diversified crypto investment options.