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Digital asset supervisor Bitwise has filed for an ETF (exchange-traded fund) that’s based mostly on its present 10 Crypto Index Fund with the ticker BITW.
The proposed Bitwise 10 Crypto Index Fund ETF will grant buyers oblique entry to the underlying crypto belongings which the custodian “will keep custody of,” in accordance with a Nov. 27 submitting with the US Securities and Alternate Fee (SEC).
This SEC submitting follows an utility submitted by New York Inventory Alternate (NYSE) Arca to record the Bitwise 10 Crypto Index Fund as an ETF (exchange-traded product) on Nov. 15.
The Bitwise 10 Crypto Index Fund Is Primarily Made Up Of BTC And ETH
The Bitwise 10 Crypto Index Fund is weighted closely towards the main crypto, Bitcoin (BTC). The submitting exhibits that the fund’s allocation towards the biggest crypto by market cap is over 75%. Altcoin chief Ethereum (ETH) is the fund’s subsequent largest allocation, with a 16.5% weighting.
Different digital belongings held by the fund embrace Ethereum-killer Solana (SOL), remittance token Ripple (XRP) and Avalanche (AVAX). Cardano (ADA), Chainlink (LINK), Bitcoin Money (BCH), Uniswap (UNI) and Polkadot (DOT) make up the remaining cryptos within the Bitwise 10 Crypto Index Fund.
Based on a tracker for the fund, its belongings below administration (AUM) at present stands at over $1.42 billion.
Bitwise Asset Administration Makes A Sequence Of Strategic Strikes In The Crypto House
The submitting to create an ETF based mostly on its 10 Crypto Index Fund just isn’t the one transfer Bitwise has made within the crypto area just lately. The agency additionally rebranded its European XRP ETF on Nov. 27.
4 Bitwise filings on right here.
The group is tough at work to proceed doing what we have accomplished for 7 years: work to open entry for buyers to this essential new asset class — https://t.co/auLjDSR4Qu
— Hunter Horsley (@HHorsley) November 27, 2024
On Nov. 26, NYSE Arca filed to record a Bitwise ETF that features direct publicity to each BTC and ETH as nicely. This was after the agency registered a statutory belief in Delaware for a proposed spot Solana ETF on Nov. 20.
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