The fever of cryptocurrency-based ETFs does not stop. The investment manager Bitwise submitted an application for authorization to issue an exchange-traded fund that groups 10 digital assets.
The proposed financial instrument is based on the already existing Bitwise 10 Crypto Index Fund, released in November 2017.
The background, according indicates the documentis made up of a number of different assignments. Most of the proportion of the total investment is allocated to bitcoin (BTC) with 75%.
In second place, ether (ETH), Ethereum’s cryptocurrency, is located with 16%. To a lesser extent there are solana (SOL), Ripple’s XRP, cardano (ADA), avalanche (AVAX), chainlink (LINK), Bitcoin Cash (BCH), Uniswap (UNI) and Polkadot (DOT).
Below you can see the list of the investment distribution for each asset indicated in the document.
According to the application submitted to the United States Securities and Exchange Commission (SEC), the Bitwise 10 Crypto Index Fund ETF is intended to provide indirect exposure to the underlying assets.
“The only assets of the trust will be portfolio assets and cash. The trust does not intend to own any digital assets other than portfolio assets and has expressly renounced ownership of said assets,” the document states.
As Custodian of the fund’s digital assets is the Coinbase exchange and Bank of New York Mellon.
Bitwise wants a solana ETF
Bitwise that currently has $11 billion in assets under management and manages one of 12 bitcoin spot ETFs in the United States, also entered the race for solana fund.
Last week submitted a request for a cryptocurrency-based fund. This makes Bitwise the fourth company competing to offer a solana ETF, behind the companies Canary Capital, VanEck and 21Shares, as reported by CriptoNoticias.
These companies are preparing for a 2025 that may be beneficial for their applications. Matthew Sigel, head of digital asset research at the firm VanEck, assured that the chances of there being a solana ETF in the United States “are overwhelmingly high by 2025”.
This optimism is based on the victory of Donald Trump in the presidential elections on November 5 and for his expressed support for the cryptocurrency sector.
The Republican Party leader promised friendly regulation to encourage industry growth and also promised to fire SEC Chairman Gary Gensler.
Sigel believes that Gensler’s departure will result in more digital asset ETFs. “We expect the SEC to approve more cryptocurrency products than in the last four years,” he added.
In any case, Gensler’s retirement is imminent. The official himself announced that he will leave his position on January 20, 2025. It will be precisely the day of Trump’s inauguration.