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    Bitwise Files for Crypto Index ETF with Diverse Cryptocurrency Portfolio Targeting NYSE Arca Listing

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    Bitwise, a digital asset manager, has applied to set up an exchange-traded fund (ETF) based on its 10 Crypto Index Fund, with NYSE Arca also filing an application to list the fund as an exchange-traded product. The ETF, containing a variety of cryptocurrencies with a significant weighting towards Bitcoin, would offer an indirect way for investors to get involved in crypto. The fund, which launched in 2017, is partnered with Coinbase Custody for the crypto element and Bank of New York Mellon for cash holdings management. The SEC hasn’t yet given a deadline for accepting or rejecting these applications.

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    Bitwise, a digital asset manager, has applied to set up an exchange-traded fund (ETF) that’s based on its current 10 Crypto Index Fund. NYSE Arca has also lodged an application, wanting to list the Bitwise 10 Crypto Index Fund as an exchange-traded product. As of Nov. 27, according to an SEC filing, this suggested ETF will give investors the chance to dip their toes into the crypto pool, indirectly of course.

    The 10 Crypto Index Fund from Bitwise showcases a spread of different cryptocurrencies. A lot of it is weighted towards Bitcoin but also includes the likes of Ether, Solana, Ripple’s XRP, Avalanche, Chainlink, Cardano, Bitcoin Cash, Uniswap and Polkadot.

    “The Trust’s only assets will be Portfolio Assets and cash. The Trust does not seek to hold any digital assets other than Portfolio Assets and has expressly disclaimed ownership of any such assets,” the filing says.

    This fund kicked off in November 2017, with the majority of the fund, 75.14% to be exact, being Bitcoin and 16.42% Ether. The tracker for the fund indicates $1.4 billion in assets under management.

    Meanwhile, Coinbase Custody is partnering for the crypto part of the ETF, while the Bank of New York Mellon will look after the fund’s cash holdings, act as the Trust’s administer, and the transfer agent.

    Currently, the SEC hasn’t given a deadline to accept or reject the application, but they have acknowledged its receipt. As it stands, Bitwise Asset Management has over $11 billion in AUM and hasn’t been shy about launching new projects. For example, on Nov. 27, it rebranded its European XRP ETF, which was created in 2022, to Bitwise Physical XRP ETP.

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