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The ETF aims to give investors exposure to a diverse basket of cryptocurrencies such as SOL, XRP and ADA, among others.
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US regulators said they need more time to decide whether an exchange-traded fund (ETF) designed as a one-stop-shop crypto portfolio can be listed on the New York Stock Exchange’s electronic securities exchange, according to a Jan. 14 regulatory filing.
The filing was a response to NYSE’s December request for permission to list the Bitwise 10 Crypto Index Fund on NYSE Arca.
If approved, Bitwise’s proposed ETF would be the first diversified spot crypto ETF to hit the US markets. It would also be the first US ETF to hold alternative cryptocurrencies, or “altcoins.”
The ETF is designed to offer investors exposure to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Uniswap (UNI) and Polkadot (DOT).
The SEC extended the timeline for reviewing Bitwise’s ETF. Source: SEC
Related: Bitwise files for 10 Crypto Index Fund ETF with the SEC
Crypto index ETFs in vogue
Industry analysts say crypto index ETFs are the next big focus for issuers after funds holding BTC and ETH listed in January and July, respectively.
“The next logical step is index ETFs because indexes are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.
In November, the NYSE filed to list another Bitwise index ETF called Bitwise Bitcoin and Ethereum ETF. The proposed fund aims to “give investors balanced exposure to the two largest crypto assets in the world in an easy-to-access format,” the asset manager said in a Nov. 26 post on X.
In an October filing, NYSE Arca asked the SEC for permission to list a proposed Grayscale index ETF called Grayscale Digital Large Cap Fund. Other proposed crypto index funds, including those from asset managers Hashdex and Franklin Templeton, add to the competition.
Bitwise has other crypto ETFs in the pipeline, too. In December, Bitwise submitted a proposal to introduce a new fund designed to invest in publicly traded companies with substantial Bitcoin holdings.
The Bitwise Bitcoin Standard Corporations ETF would invest in companies “that have adopted the ‘Bitcoin standard’” and hold at least 1,000 BTC in their corporate treasuries, according to a Dec. 26 regulatory filing.
Magazine: Chinese Tether laundromat, Bhutan enjoys recent Bitcoin boost: Asia Express
This article first appeared at Cointelegraph.com News
