Bitwise Seeks Approval To Launch Crypto Index Fund
Date
11/29/2024 3:18:39 PM
(MENAFN- Yolo Wire) %Bitwise Asset Management is seeking regulatory permission to launch a new %Cryptocurrency index fund.
Bitwise has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that’s based on its 10 crypto Index Fund, which has been running since 2017.
The fund, currently valued at $1.4 billion U.S., is heavily focused on %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH). but also includes other cryptocurrencies such as %Solana (CRYPTO: $SOL), XRP (CRYPTO: $XRP), %Cardano (CRYPTO: $ADA), %Avalanche (CRYPTO: $AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT) and Uniswap (UNI).
If the ETF is approved, it would provide a regulated vehicle for retail and institutional investors to gain exposure to a range of digital assets.
The ETF is designed to give investors indirect exposure to several digital coins and tokens through a regulated financial product.
Bitwise says Coinbase Custody will handle the digital assets in the proposed ETF, while The %BankofNewYorkMellon (NYSE: $BK) will manage the fund's cash and administration.
Bitwise is pushing to expand its crypto offerings. In recent days, it also filed to launch a Solana ETF and to rebrand its European XRP ETF as the Bitwise Physical XRP ETP.
NYSE Arca is the exchange where Bitwise hopes to list its new 10 Crypto ETF. If approved, it would allow investors to access crypto assets through traditional brokerage accounts.
The SEC has not set a deadline for a decision on the ETF application but has acknowledged the filing.
Bitcoin is currently trading at $96,650 U.S., having risen 122% this year.
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