BitWise Pushes for SEC Approval of Diverse Crypto ETF
BitWise seeks SEC approval for a groundbreaking 10 Crypto Index ETF, aiming to expand crypto investment options with top cryptocurrencies.
BitWise has submitted an application to the SEC for a new ETF that would track its 10 Crypto Index Fund. This fund includes ten leading cryptocurrencies: Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. If approved, it would become the most diverse crypto ETF available in the U.S. market.
The SEC's acknowledgment of the filing marks the start of a regulatory review process, with a countdown to either approve or reject the application. Although no specific deadline has been confirmed, this development reflects the growing acceptance of cryptocurrencies within U.S. financial regulation. Recent approvals for Bitcoin ETF options trading have fueled optimism in the market.
BitWise has been operating its 10 Crypto Index Fund since 2018, designed to track the value of the top ten cryptocurrencies by market capitalization. This move aligns with the company’s strategy to capitalize on increasing institutional interest in crypto assets. Earlier this year, BitWise launched a Bitcoin ETF (BITB) and filed for a Solana ETF, joining other firms like Canary Capital, VanEck, and 21Shares in expanding their crypto-focused offerings.
In addition to its U.S. ambitions, BitWise is also exploring international markets. The firm recently filed for an XRP exchange-traded product (ETP) in Europe. These efforts indicate BitWise’s commitment to establishing a prominent presence in the rapidly evolving crypto investment landscape.
The inclusion of Cardano (ADA) in the 10 Crypto Index Fund has sparked speculation in the crypto community. Some believe ADA’s recent price surge may be linked to large-scale purchases for ETF purposes. Influencer Big Pey highlighted this on X (formerly Twitter), noting Cardano is the fund's fifth-largest asset. This has led to further excitement among investors anticipating potential market shifts if the ETF is approved.
The SEC's evolving stance on cryptocurrency ETFs, under new leadership, signals a broader shift in U.S. financial policy. The industry could see a wave of more diverse crypto-related investment products as regulators become more accommodating. This growing friendliness to the crypto industry reflects increasing recognition of its role in global finance.
With this latest filing, BitWise is positioning itself as a leader in the crypto ETF space, leveraging its established expertise and the growing institutional demand for diversified crypto investment options.
