Key Takeaways
- The SEC has authorized the conversion of the Bitwise 10 Crypto Index Fund into an ETF.
- The brand new ETF will present publicity to 10 main crypto property: Bitcoin, Ethereum, XRP, Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot.
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The US Securities and Change Fee has authorized Bitwise’s request to transform its 10 Crypto Index Fund right into a fully-fledged ETF, permitting traders to achieve publicity to a diversified basket of digital property together with Bitcoin, Ethereum, XRP, and Solana.
In keeping with the filing, the ETF can even embody Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot. The transfer marks one of many broadest crypto ETF approvals within the US market to this point and indicators a rising regulatory shift towards embracing crypto-based funding merchandise.
Bitwise at the moment manages roughly $5.79 billion in property throughout its 12 crypto ETFs. The flagship spot Bitcoin ETF holds about $4.79 billion, and its Ethereum ETF provides $431 million in internet property.
As Washington warms as much as crypto, business watchers anticipate a wave of recent ETF approvals. Bloomberg ETF analyst James Seyffart said in June that he now locations 95% approval odds on ETFs for XRP, Litecoin, and Solana. He added that Cardano, Polkadot, HBAR, Avalanche, and even Dogecoin have a 90% chance of approval within the coming months.
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