BitWise has filed an application with the SEC to create an ETF based on 10 crypto index funds. If approved, this would be the most diversified and expanded crypto ETF on the U.S. market.
Earlier this week, Bitwise also filed with the SEC for a Solana ETF, following the filings of Canary Capital, VanEck, and 21Shares.
BitWise aims to expand its offering of crypto ETFs
According to filingthe fund includes Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. BitWise has maintained this initial capital since 2018 and tied its value to the 10 most valuable cryptocurrencies.
“Remember when I speculated that ADA’s big price movements were because someone bought ADA as an ETF? NYSE Arca is the second-largest asset in the Bitwise 10 Crypto Index with Cardano as the 5th largest asset We just filed an application with the SEC to launch a fund, and I think Coinbase will follow suit first,” influencer Big Pei said. Posted On X (old Twitter).
BitWise entered the crypto ETF market earlier this year with the Bitcoin ETF (BITB). The company was one of the first 10 companies to file for an ETF with the SEC.
With the filing of this latest application, BitWise appears to be looking to leverage its growing institutional appeal to the broader crypto market. The company also recently filed for an XRP Exchange Traded Product (ETP) in Europe.
The SEC formally acknowledged the filing and began a countdown to whether the commission would reject or approve it. However, a deadline for a decision on this application has not yet been confirmed.
Overall, a new friendly attitude toward the crypto industry is sweeping the U.S. financial regulatory apparatus. Under the Trump administration and new SEC leadership, the industry will see more diverse ETFs approved.
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