BitWise Files for 10 Crypto Index ETF as SEC Review Begins
BitWise submitted an application to the SEC to create an ETF based on its 10-cryptocurrency index fund. If approved, this would be the most diversified and broad-based cryptocurrency ETF on the U.S. market.
Earlier this week, BitWise also applied Solana U.S. Securities and Exchange Commission (SEC) launches ETF following applications from Canary Capital, VanEck and 21Shares
BitWise is looking to expand its cryptocurrency ETF offerings
according to Archivethe fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, avalanche, chain linkBitcoin Cash, Polkadot and Uniswap. BitWise has maintained this initial fund since 2018, linking its value to the ten most highly valued cryptocurrencies.
“Remember when I speculated that ADA’s huge price movement was caused by someone buying ADA to buy an ETF? NYSE Arca just filed a document with the SEC to launch a Bitwise 10 Cryptocurrency Index Fund, with Cardano as the fifth largest asset . I think Coinbase will follow suit,” influencer Big Pey release on X (formerly Twitter).
BitWise joined the crypto ETF market earlier this year with its Bitcoin ETF (BITB). The company is one of Top 10 applicants for ETFs with the SEC.
With the filing of this latest application, it appears that BitWise is looking for leverage Institutional attraction to the broader cryptocurrency market continues to grow. The company also recently applied for XRP European Exchange Traded Product (ETP).
The SEC officially acknowledged the filing and began a countdown until the commission rejects or approves the filing. However, a deadline for a decision on the application has not yet been set.
Overall, a new Crypto industry friendliness is sweeping U.S. financial regulators. Under the Trump administration and new SEC leaders, the industry may see more diverse ETFs approved.
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