BitWise has submitted a proposal to the SEC for the creation of an ETF based on its 10 Crypto Index Fund, aiming to introduce the most diversified cryptocurrency ETF in the US market.
BitWise's application follows its recent filing for a Solana ETF with the SEC, amid similar applications by other firms like Canary Capital and VanEck.
This new fund would encompass major cryptocurrencies, including Bitcoin, Ethereum, Solana, and Cardano, maintaining continuity with its initial fund launched in 2018.
BitWise entered the market with its earlier Bitcoin ETF (BITB) and has been among the pioneering firms to file ETF applications with the SEC.
With this filing, BitWise aims to capitalize on the growing institutional interest in the crypto market, also filing for an XRP ETP in Europe recently.
The SEC has acknowledged BitWise's filing, commencing the decision process, although a specific deadline for approval or rejection is not yet established.
The US regulatory environment shows an increasingly pro-crypto stance, potentially leading to more diverse ETF approvals under current leadership.
