Bitwise Files for New ETF of 10 Leading Cryptocurrencies

Bitwise Asset Management has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a new ETF based on the existing 10 Crypto Index Fund.

The ETF would include the ten leading cryptocurrencies: bitcoin, ethereum, solana, xrp, cardano, avalanche, chainlink, bitcoin cash, polkadot, and uniswap.

The fund is designed to reflect the prices of the ten listed cryptocurrencies in weighted ratios, providing investors with indirect exposure to cryptocurrencies.

Each cryptocurrency in the crypto index ETF is assigned a specific share, with bitcoin making up 75.1 percent of the index, ethereum 16.5 percent, and solana 4.3 percent. Xrp accounts for 1.5 percent, followed by cardano at 0.7 percent, avalanche at 0.60 percent, and chainlink and bitcoin cash at 0.4 percent each. Uniswap and polkadot round out the index with allocations of 0.3 percent each.

According to the filing dated November 27, the fund’s assets will be limited to portfolio assets and cash, with no plans to hold digital assets other than those included in the portfolio. It also explicitly disclaims ownership of any additional cryptocurrencies.

The net asset value (NAV) of the fund will be calculated using price data from CF Benchmarks, which aggregates information from multiple cryptocurrency trading platforms.

Coinbase Custody will store the fund’s cryptocurrencies, while the Bank of New York Mellon will act as custodian for cash reserves, administrator, and transfer agent. Meanwhile, the SEC has confirmed the application but has not indicated a timeline for a decision.

Bitwise’s registration comes as the company builds momentum in the crypto market. Earlier in November, the firm crossed the $10 billion mark in assets under management (AUM), gaining an additional $1 billion in just 10 days.

The asset manager has also expanded its ETF offerings. On November 26, it was revealed that NYSE Arca had filed for the listing of a combined bitcoin and ethereum ETP weighted by market capitalization.

The next day, Bitwise rebranded its European XRP ETF to Bitwise Physical XRP ETP. Ripple has also promised to invest in the product.

Furthermore, the company joined solana ETF applications earlier this month. On November 20, it registered a statutory trust in Delaware for the proposed spot solana ETF, adding to its earlier application for the xrp ETF.

The recent election of Donald Trump as President of the U.S. and the announcement of the resignation of SEC Chairman Gary Gensler have sparked optimism in the crypto industry. Many companies are leveraging this momentum to launch their crypto ETF applications, and market expert Nate Geraci previously predicted a wave of applications following Trump’s victory.

However, challenges remain. Bloomberg analyst James Seyffart recently warned that significant regulatory hurdles for altcoin ETFs could delay approval timelines.