Bitcoin

Bitwise Investment Management has filed an application with the U.S. Securities and Exchange Commission (SEC) to start the 10-Crypto index exchange-traded fund (ETF). 
The ETF is designed <a href="https://www.cryptopolitan.com/bitwise-founder-bitcoin-has-lot-of-room/" target="_blank" rel="noopener">to provide exposure</a> to the Bitwise 10 Large Cap Crypto Index. This comprises major cryptocurrencies like Bitcoin, Ethereum, Solana, Ripple, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot and Uniswap. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BREAKING: <a href="https://twitter.com/BitwiseInvest?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@BitwiseInvest</a> FILES FOR BITWISE 10 CRYPTO INDEX ETF ( <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BTC</a>, <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$ETH</a>, <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SOL</a>, <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$XRP</a>, <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$ADA</a>, <a href="https://twitter.com/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$AVAX</a>, <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$LINK</a>, <a href="https://twitter.com/search?q=%24BCH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BCH</a>, <a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$DOT</a>, <a href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$UNI</a>) WITH SEC <a href="https://t.co/vvx1UNi9Mv" rel="nofollow" target="_blank">pic.twitter.com/vvx1UNi9Mv</a>— DEGEN NEWS (@DegenerateNews) <a href="https://twitter.com/DegenerateNews/status/1861875147910557945?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 27, 2024</a>
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The submission of <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-101775.pdf" rel="nofollow noopener" target="_blank">the proposal </a>on November 14, 2024, under NYSE Arca Rule 8.800-E intends to trade the ETF on the NYSE Arca exchange. The assets will be stored with Coinbase Custody, and The Bank of New York Mellon will act as the fund’s cash custodian and administrator. 
The ETF will rebalance monthly to capture the top 10 largest large-cap cryptocurrencies by market capitalization. Each asset will be given a weight based on the free float market capitalization and this is to reflect the market situation.&nbsp; 
Furthermore, to prevent market manipulation, the ETF shares will be issued and redeemed for cash. This approach is consistent with the SEC’s increasing requirement for safe, secure crypto investment products. This comes in the wake of the SEC’s approval for spot Bitcoin and Ethereum ETFs. 
<h3 class="wp-block-heading" id="expanding-crypto-investment-opportunities">Expanding crypto investment opportunities</h3> 
If approved, the 10-Crypto Index ETF could greatly expand the two-way access between the mainstream and the digital asset market. This well-governed and diverse investment vehicle would be of interest to institutional and retail investors wishing to invest in cryptocurrency. 
Bitwise has a history of promoting new and advanced crypto investment products. Earlier this year, the firm <a href="https://www.cryptopolitan.com/bitwise-joins-the-race-for-solana-etfs/" target="_blank" rel="noopener">had submitted requests</a> for spot ETFs based on Solana and XRP. Apart from its U.S. operations, Bitwise has expanded its operations in Europe.&nbsp; 
On 7th November, <a href="https://www.cryptopolitan.com/bitwise-to-list-10-crypto-index-fund-as-etp/" target="_blank" rel="noopener">the firm revealed</a> that the European XRP exchange-traded product (ETP), which is the ETC Group Physical XRP, will be renamed as the Bitwise Physical XRP ETP. Even though the ticker symbol, GXRP, did not change, the rebranding points towards Bitwise’s future plan of offering more products in global markets. 
The rebranding comes after the firm bought the ETC Group in August, which brought an additional $1 billion in managed assets to the firm. The acquisition comprised of popular products for instance the Bitcoin ETP (BTCE), Ethereum with staking (ET32) and the Solana ETP (ESOL). 
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Bitwise files for 10-crypto index ETF with SEC

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