- Bitwise has filed an application with the SEC for an ETF going beyond Bitcoin
- This application with 10 crypto indexes could be a coup in crypto ETFs
Bitwise made a big move for the entire crypto ETFs space by filing an SEC filing that includes 10 crypto indexes. This move may signal Bitwise’s expectations for more favorable regulation after the impending departure of Gary Gensler.
However, it’s too early to tell if this filing will be approved, but if successful, it could serve as the basis for many similar initiatives from other companies.
Why Is the Bitwise ETF So Important?
Bitwise has already applied for an XRP ETF, the current initiative is much broader and more important. It includes not only the core Bitcoin, Ethereum, and XRP, but also less key and popular assets. The current request from Bitwise includes:
- Bitcoin 75.14%
- Ethereum 16.42%
- Solana 4.3%
- Some XRP, Cardano, Uniswap, Polkadot, Chainlink, Avalanche, Bitcoin Cash
Going into the details of the application it is important to note that other serious players are also involved, such as Coinbase Custody will handle the crypto holdings, BNY Mellon is in charge of the cash side of things, along with administrative tasks, and actual prices will come from CF Benchmarks.
All of this not only speaks to Bitwise’s serious intentions for the entire crypto industry, not just its central assets, but may also pave the way for other companies to follow suit.
If this ETF is approved, it will signal to all companies that would like to launch an ETF regarding any of these assets, which could potentially launch each of them strongly.
Conclusion
However, we do not yet know how regulation will actually change after Gary Gensler leaves, nor do we know if the primary regulation of crypto assets will shift from the SEC to the CFTC.
Events are very dynamic, so be aware and stay tuned.
