Cryptocurrency

Bitcoin

<ul class="wp-block-list">
 <li>Bitwise manages over $11 billion, spotlighting growing trust in crypto asset management.</li>  
 <li>SEC previously greenlit Bitcoin and Ether ETFs, signalling increased acceptance of crypto in mainstream finance.</li>  
 <li>Bitwise's proposed ETF covers 10 major cryptocurrencies, aiming to offer comprehensive market exposure.</li> 
</ul>  
<p>Bitwise Asset Management has finally submitted a formal request to launch an exchange-traded fund (ETF) backed by its 10 Crypto Index Fund. This was revealed on November 27, when the firm filed with the United States Securities and Exchange Commission (SEC) to offer investors a way to invest in cryptocurrencies indirectly. The filing was done by NYSE Arca Inc., which wants to list the <a href="https://cryptonewsland.com/?s=ETF" target="_blank" rel="noopener noreferrer nofollow">ETF</a>.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/HHorsley/status/1861795159794409943
 </div>
</figure>  
<p>The proposed ETF would invest in various <a href="https://cryptonewsland.com/top-emerging-digital-currencies-redefining-financial-landscapes/" target="_blank" rel="noopener noreferrer nofollow">digital currencies</a>. Bitcoin and Ethereum remain the most significant holdings, accompanied by others like Solana, XRP from Ripple Labs, and Avalanche. This selection highlights Bitwise’s approach to targeting the wide trends in the crypto space. Moreover, it presents a systematically managed investment product to conventional investors.</p>  
<h2 class="wp-block-heading" id="h-key-operational-partnerships"><strong>Key Operational Partnerships</strong></h2>  
<p>Bitwise has agreed with major financial institutions to manage and secure the fund's assets. Since cryptocurrencies are relatively unstable, they have been entrusted with keeping the digital assets safe and secure. Moreover, the Bank of New York Mellon will manage cash. In addition, it will serve as the fund’s administration and the transfer agency.</p>  
<p>Additionally, the operational setup includes performing daily NAV calculations, which leverage benchmarks from CF Benchmarks Ltd. This systematic approach to valuation ensures transparency and accuracy in asset management efficiency, aligning with standard financial practices.</p>  
<h2 class="wp-block-heading" id="h-bitwise-s-diverse-crypto-etf-application"><strong>Bitwise's Diverse Crypto ETF Application</strong></h2>  
<p>The cryptocurrency market is interested in the SEC’s response to this new <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-101775.pdf" target="_blank" rel="noopener noreferrer nofollow">ETF proposal</a> because of recent administrative shifts and the potential for a more friendly environment under President-elect Donald Trump. Despite the SEC's lack of a deadline for its decision, the proposal comes against the backdrop of increased expectations from regulators who can set the direction for the future of cryptocurrency investment.</p>  
<p>Past approval of Bitcoin and Ether ETFs demonstrates a trend where traditional financial entities accept crypto assets into their investments. However, Bitwise’s ETF is more groundbreaking because it covers several cryptocurrencies.</p>  
<p>This makes it unique in the current regulatory approval cases. Such ETFs are viewed in the context of the industry’s development as investment instruments and benchmarks for integrating <a href="https://cryptonewsland.com/coinbase-unveils-coin50-index-to-track-top-50-crypto-assets/" target="_blank" rel="noopener noreferrer nofollow">crypto assets</a> into the financial system. Investors are showing interest in diversified crypto funds, as seen by Bitwise managing over $11 billion of the fund.</p> 
<p>The post <a href="https://cryptonewsland.com/bitwise-submits-proposal-for-multi-cryptocurrency-etf-to-sec/" rel="noopener noreferrer nofollow">Bitwise Submits Proposal for Multi Cryptocurrency ETF to SEC</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitwise Submits Proposal for Multi Cryptocurrency ETF to SEC

Table of Contents

Crypto News Land

Other articles published on Nov 28, 2024

Bitcoin News: 3 Key Indicators Signal $100K BTC Rebound Ahead

GIGA Token Holder Loses $6.09M in Phishing Scam

3 Altcoins Outperforming Bitcoin Amidst Market Dip

Key AI chip supplier stocks surge amid reports of eased U.S. restrictions on China

Binance Lists Morpho and Boosts Its Market Activity

Telegram CEO Praises New Altcoin Project! Promises Not to Sell for 10 Years!

Join our free newsletter for daily crypto updates!