Bitwise Proposes 10-Crypto Index ETF, but Will the SEC Approve?

Bitwise is back in the spotlight with an exciting new proposal that could change the way we invest in crypto: a 10-Crypto Index ETF. If approved, this fund could offer investors a more diverse way to gain exposure to the crypto market—but it’s not a done deal yet.

Let’s take a closer look at what’s inside this proposal and why it could be important.

What’s Inside the 10-Crypto Index ETF?

This ETF isn’t just focused on Bitcoin. While Bitcoin takes the biggest slice with 75.14%, the fund also includes a mix of other cryptocurrencies. Ethereum comes in second with 16.42%, and Solana makes up 4.3%. The remaining portion of the fund is made up of smaller coins like XRP, Cardano, Avalanche, and Uniswap, adding variety to the portfolio.

Bitwise has teamed up with trusted names to manage this ETF. Coinbase Custody will handle the crypto assets, while BNY Mellon will oversee the cash and administrative tasks. CF Benchmarks will provide daily pricing, ensuring investors get accurate valuations. With these big players on board, the fund is built on a solid foundation.

Bitwise’s Growing Focus

Bitwise isn’t just relying on Bitcoin and Ethereum to drive the ETF. They’re clearly making an effort to cover more of the crypto market. Just last week, Bitwise filed for separate Bitcoin and Ethereum ETPs through NYSE Arca. They’ve also shown interest in Solana with ETFs, suggesting that they’re growing more confident in altcoins.

The timing of this ETF proposal is key. With SEC Chair Gary Gensler stepping down, many in the crypto world are hoping that his departure could lead to a more favorable approach to crypto ETFs. This would be good news for companies like Bitwise, who are waiting for broader approval.

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Will the SEC Approve It?

While there’s no way to know for sure, approval of this ETF could pave the way for more similar funds and bring crypto investing closer to the mainstream.

For now, it’s a waiting game.