As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find myself excited about the recent application by Bitwise for an ETF based on their existing 10 Crypto Index Fund (BITW). The prospect of indirect exposure to a diversified portfolio of top cryptocurrencies through an exchange-traded product is enticing.
Bitwise, the digital asset manager, has put forth a request for a tradeable fund (ETF) that’s modeled after their current 10 Cryptocurrency Index Fund (BITW).
On November 15th, the New York Stock Exchange’s division ARCA submitted a request for listing the Bitwise 10 Crypto Index Fund as a tradeable financial product (exchange-traded fund, ETF) on the market.
As stated in the SEC filing dated November 27, the proposed Bitwise 10 Crypto Index Fund ETF allows investors to gain indirect ownership of various cryptocurrencies. Notably, the custodian will be responsible for safeguarding these assets within the portfolio.
According to the document, the Trust possesses solely Portfolio Assets and liquid funds. It does not intend to acquire any digital assets apart from Portfolio Assets, and it explicitly renounces any claim over such assets.
The Bitwise 10 Crypto Index Fund was launched in November 2017, with the bulk of the fund comprised of 75.14% Bitcoin and 16.42% Ether. The tracker for the fund lists $1.4 billion in assets under management (AUM).
In this arrangement, Coinbase Custody takes on the role of the partner responsible for the cryptocurrency aspect within the ETF. On the other hand, The Bank of New York Mellon assumes multiple roles: custodian for the fund’s cash reserves, administrator for the trust, and transfer agent.
The SEC hasn’t specified a date for either rejection or approval of the application yet, but they have confirmed that they have received it.
At present, Bitwise Asset Management manages more than $11 billion in assets and has been active in the market with several recent transactions. On November 27th, the company rebranded its European Exchange for Ripple (XRP) ETF, introduced in 2022, as Bitwise Physical XRP Exchange-Traded Product.
On November 26th, NYSE Arca submitted an application to list a Bitwise Exchange-Traded Fund (ETF) that offers direct exposure to Bitcoin and Ethereum. Earlier, on November 20th, the firm registered a statutory trust in Delaware for a proposed Solana ETF, which would provide direct exposure to Solana.
In January, U.S. securities regulators gave their initial approval for Bitcoin ETFs from asset managers to be listed and traded on American stock exchanges. Later in May, they granted authorization for trading shares of Ether ETFs as well.
With Donald Trump’s victory in the U.S. presidential election and numerous pro-cryptocurrency candidates securing seats in Congress, experts are proposing that the U.S. administration may now be the most supportive of cryptocurrencies ever, potentially leading to a more advantageous regulatory landscape for the industry.
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2024-11-28 07:07