BitWise Asset Management has submitted an application to the Securities and Exchange Commission (SEC) for a groundbreaking cryptocurrency index ETF that would track ten major digital assets.
The proposed fund aims to include leading cryptocurrencies Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. If approved, it would become the most diverse crypto ETF available in the US market.
The filing builds on BitWise's experience managing a similar index fund since 2018, which mirrors the performance of the ten highest-valued cryptocurrencies. The company has already established its presence in the crypto ETF space with its Bitcoin ETF (BITB) launched earlier this year.
This application follows BitWise's recent filing for a Solana ETF, joining other financial firms like Canary Capital, VanEck, and 21Shares in the race to expand crypto investment options. The company has also ventured into the European market with an XRP exchange-traded product filing.
Market analyst Big Pey highlighted the potential impact on individual assets, noting recent price movements in Cardano (ADA) could be linked to institutional buying ahead of potential ETF inclusions.
While the SEC has officially acknowledged the application, no specific deadline for a decision has been announced. The filing comes amid what appears to be an increasingly receptive regulatory environment for crypto products under the current administration.
BitWise's latest move reflects growing institutional interest in diversified cryptocurrency exposure through regulated investment vehicles. The proposed ETF would offer investors a simplified way to gain exposure to multiple digital assets through a single investment product.