Crypto asset manager Bitwise has filed with the Securities Exchange Commission for a publicly offered cryptocurrency index exchange-traded fund or ETF.
The new ETF called the Bitwise HOLD 10 Cryptocurrency Index Fund, will be a market-cap-weighted index of the 10 largest cryptocurrencies, rebalanced monthly. The fund captures approximately 80% of the total market capitalization of the cryptocurrency market.
A privately offered cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, was created by Bitwise on November 22, 2017.
The San Francisco -based company now joins a number of other firms, which have filed for crypto-based ETF, but waiting for approval.
Bitwise is perhaps the first and only firm to apply for a fund to track multiple digital assets, while other firms including VanEck, SolidX and Gemini have filed for bitcoin-only ETFs.
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