Bitwise files application with SEC for 10-stock cryptocurrency index ETF

American cryptocurrency management company Bitwise has submitted an application for an exchange-traded fund (ETF) for a cryptocurrency index fund.
On the 28th (local time), NYSE Arca announced that it had announced the "Bitwise 10
It has been learned that the company has submitted an application to list the Crypto Index Fund (BITW) as an exchange-traded product (ETP).
According to a filing with the U.S. Securities and Exchange Commission (SEC) on the 27th, the proposed “BITW” would allow investors to trade on the underlying cryptocurrency.
The company stated that it would provide direct access to the portfolio and that the trustee would be responsible for safekeeping of the portfolio assets.
eum), Solana, Ripple (XRP), Avalanche, Chainlink, Cardano, Bitcoin
It is made up of various allocation ratios including Bitcoin Cash, Uniswap, Polkadot, and others.
"The Trust's only assets will be the Portfolio Assets and cash, and the Trust does not intend to hold any digital assets other than the Portfolio Assets," the filing said.
"BITW" was launched in November 2017, and the fund is mainly composed of 75.14% Bitcoin and 1.2% Ethereum.
The fund's assets under management (AUM) amount to $1.4 billion. The SEC has not set a deadline for reviewing the application or deciding whether to approve it.
However, the reception was officially approved.