Bitwise was planning to apply to convert its crypto index fund into a crypto ETP. The giant asset manager was waiting for a better regulatory environment for this. Bloomberg’s Eric Balchunas suggests that regulatory sentiment towards crypto ETFs will become more positive after Gary Gensler’s resignation. In the midst of this expectation, a multiple crypto ETF application came from Bitwise. This ETF will include Bitcoin and 9 altcoins.
Bitwise made a move for multiple crypto ETF: There will be Bitcoin and 9 altcoins!
Giant asset manager Bitwise announced that NYSE Arca has applied to list the 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). The asset manager said it is the world’s first and largest crypto index fund. He also stated that there is $ 1.3 billion in assets under management. The fund will include 9 more tokens, mainly Bitcoin:
- Bitcoin (BTC): 75.1
- Ethereum (ETH): 16.5
- Solana (SOL): 4.3
- Ripple (XRP): 1.6
- Cardano (ADA): 0.7
- Avalanche (AVAX): 0.6
- Bitcoin Cash (BCH): 0.4
- Chainlink (LINK): 0.4
- Uniswap (UNI): 0.3
- Polkadot (DOT): 0.3
SEC Chairman is on his way out: Will it pave the way for crypto?
This application is an important step in Bitwise’s efforts to transform the publicly traded trust into an ETP structure. This multi-crypto ETF will further increase transparency and efficiency for investors. According to experts, if approved, BITW’s transformation could pave the way for wider adoption of crypto index products in financial markets. This development confirms Gary Gensler’s stance on crypto regulation and hints at his resignation. Bloomberg ETF strategist Eric Balchunas also welcomed this development. He stated that it came shortly after Grayscale’s effort to establish a similar ETF.
Balchunas pointed to the possibility of SEC Chairman Gary Gensler’s departure and the appointment of an SEC Chairman from the Trump administration. He emphasised that the potential shift in regulatory sentiment could open the door to increased crypto ETF approvals. Balchunas said, ‘It is too early to determine the possibilities. But the evolving regulatory environment makes it worth a try,’ he said.
Crypto index funds are in demand
As you have been following on Kriptokoin.com, cryptocurrencies are maturing and increasing their footprint in the global financial sector. Thus, market players are becoming more comfortable with launching crypto index funds. Earlier this week, Coinbase announced the COIN50 crypto index fund, which consists of the top 50 digital assets. COIN50, a new crypto index developed in collaboration with Coinbase and VanEck’s Market Vector, offers a new approach to tracking the performance of the crypto economy. Coinbase designed this index to give investors clearer information about general market trends.
SEC approval of Bitwise, which plans to convert its crypto index fund into an ETP structure, may take time considering the transition period if Gensler resigns. Bitwise has already launched spot Bitcoin ETF and spot Ethereum ETFs as it seeks to expand its product suite.
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