Yolowire – Fri Nov 29, 10:30AM CST
%Bitwise Asset Administration is looking for regulatory permission to launch a brand new %Cryptocurrency index fund.
Bitwise has filed paperwork with the U.S. Securities and Change Fee (SEC) to launch an exchange-traded fund (ETF) that’s based mostly on its 10 Crypto Index Fund, which has been operating since 2017.
The fund, at the moment valued at $1.4 billion U.S., is closely targeted on %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH). but additionally consists of different cryptocurrencies similar to %Solana (CRYPTO: $SOL), XRP (CRYPTO: $XRP), %Cardano (CRYPTO: $ADA), %Avalanche (CRYPTO: $AVAX), Chainlink (LINK), Bitcoin Money (BCH), Polkadot (DOT) and Uniswap (UNI).
If the ETF is permitted, it might present a regulated car for retail and institutional traders to realize publicity to a variety of digital property.
The ETF is designed to provide traders oblique publicity to a number of digital cash and tokens by a regulated monetary product.
Bitwise says Coinbase Custody will deal with the digital property within the proposed ETF, whereas The %BankofNewYorkMellon (NYSE: $BK) will handle the fund’s money and administration.
Bitwise is pushing to develop its crypto choices. In latest days, it additionally filed to launch a Solana ETF and to rebrand its European XRP ETF because the Bitwise Bodily XRP ETP.
NYSE Arca is the alternate the place Bitwise hopes to record its new 10 Crypto ETF. If permitted, it might enable traders to entry crypto property by conventional brokerage accounts.
The SEC has not set a deadline for a call on the ETF software however has acknowledged the submitting.
Bitcoin is at the moment buying and selling at $96,650 U.S., having risen 122% this yr.
