Will SEC Approve 10 Crypto ETF Filing By Bitwise?
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Bitwise is back in the spotlight, and this time, they’re aiming high. They’ve proposed a 10 Crypto Index ETF to the SEC, something that could shake up the crypto investment world. But let’s not get ahead of ourselves—this isn’t a done deal yet. Still, it’s worth looking at what’s inside and why this ETF could matter.
What’s Inside the Fund?
Alright, here’s the rundown. The ETF isn’t just a Bitcoin-heavy fund (though Bitcoin does dominate with 75.14%). It includes ten cryptocurrencies, giving a mix of the most popular and some that feel a bit niche. Ethereum comes second with 16.42%, followed by Solana at 4.3%. The rest? Coins like XRP, Cardano, Avalanche, and Uniswap—small slices, sure, but they add a layer of diversity.
To keep it all in check, Bitwise has brought in some big players. Coinbase Custody will handle the crypto holdings, while BNY Mellon is in charge of the cash side of things, along with administrative tasks. Daily pricing comes from CF Benchmarks, which makes sure investors get accurate valuations. Sounds solid, right?
A Bigger Play Than Just Bitcoin
Bitwise isn’t just throwing random coins into this fund. They’re making moves beyond Bitcoin and Ethereum to show they’re serious about covering a wider range of the market. Just last week, they filed for separate Bitcoin and Ethereum ETPs through NYSE Arca. And they’ve dipped into Solana ETFs too, which feels like a hint at growing confidence in altcoins.
There’s also a big timing factor here. With Gary Gensler stepping down as SEC Chair, the crypto world is buzzing. Many think his exit could mean a friendlier attitude toward crypto ETFs. That’s good news for companies like Bitwise that are banking on broader approvals.
What to Expect
So, will the SEC say yes? Nobody knows for sure. But if this ETF gets approved, it could set the stage for more funds like it—and maybe even push crypto investing closer to the mainstream. For now, though, it’s a waiting game. Investors will have to hang tight and hope this is the start of something bigger.
