- Bitwise has filed for a 10 Crypto Index ETF with the SEC, tracking major cryptocurrencies and signaling momentum in the broader crypto ETF space.
- With changes in SEC leadership and increasing industry interest, Bitwise’s filing could set a significant precedent for expanding crypto ETFs beyond Bitcoin and Ethereum.
Bitwise Asset Management has formally filed its 10 Crypto Index ETF with the U.S. Securities and Exchange Commission (SEC), in partnership with the New York Stock Exchange (NYSE). The ETF tracks ten leading cryptocurrencies, including Bitcoin, Ethereum, Solana, and XRP, with assets weighted by market share.
Previously, CNF shared the significant move, where Bitwise Seeks SEC Approval for XRP ETF, and Ripple CEO Garlinghouse called it ‘Just the Beginning.’ Therefore, this filing marks another milestone for Bitwise, which has also submitted applications for Bitcoin and Ethereum exchange-traded products (ETPs) this month.
As detailed in the Annual Report by the SEC, dated November 27, 2024,
the investment objective of the Trust is to invest in a portfolio of digital assets (each a “Portfolio Asset” and, collectively, “Portfolio Assets”) that tracks the Bitwise 10 Large Cap Crypto Index (the “Index”). The Index is administered by Bitwise Index Services, LLC, an affiliate of the Sponsor (the “Index Provider”).
It is further explained that the Trust rebalances monthly alongside the rebalance of the Index to stay current with any changes to the Index.
The firm’s growing momentum reflects shifting industry dynamics, especially as more firms explore diverse crypto ETF options, including Solana-focused products. With the more recent changes in SEC leadership sparking optimism, Bitwise is leveraging the opportunity to push its broader crypto agenda.
SEC’s Decision Could Set a New Precedent
As the countdown for the SEC’s decision begins, the industry anticipates whether the regulatory body will expand approvals beyond Bitcoin and Ethereum. Gary Gensler’s resignation as SEC Chair raises hopes for a more favorable approach, and Bitwise’s latest filings could signal a pivotal moment for crypto ETFs in the U.S.
Bitcoin dominates the index with 75.14%, followed by Ethereum at 16.42% and Solana at 4.3%. Coinbase Custody and BNY Mellon are key partners, with the latter handling cash custody, administration, and transfer agent roles.
At the time of writing, according to CoinMarketCap data, Bitcoin (BTC) is trading at $95,751.21, having surged by 3.25% in the past day and declined by 0.94% in the past week. See BTC price chart below.
