Bitwise Made a Move for Multiple Crypto ETF: There Will Be Bitcoin and 9 Altcoins!

Giant asset manager Bitwise announced that NYSE Arca has applied to list the 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP).

Bitwise, a large asset management company, has applied to the New York Stock Exchange (NYSE) to list its 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP), according to a statement on Monday.

The asset manager describes BITW as the world’s first and largest crypto index fund with $1.3 billion in assets under management. The fund will hold nine tokens in addition to bitcoin, the statement said.

This application is part of Bitwise’s effort to convert its publicly traded trust into an ETP structure. This multi-crypto ETF will further increase transparency and efficiency for investors. According to experts, if approved, BITW’s transformation could pave the way for broader adoption of crypto index products in financial markets. This development comes amid speculation about SEC Chairman Gary Gensler’s resignation and hints at his departure.

Bloomberg ETF strategist Eric Balchunas also welcomed this development, noting that it comes shortly after Grayscale’s effort to establish a similar ETF.

Balchunas went on to highlight the possibility of SEC Chairman Gary Gensler leaving and an SEC Chairman from the Trump administration being appointed. He stressed that the potential shift in regulatory sentiment could open the door to more crypto ETF approvals.

“It’s premature to say what the possibilities are, but the evolving regulatory landscape makes it worth a shot,” Balchunas said.

Crypto index funds are gaining popularity

As reported earlier by Blockworks, cryptocurrencies are maturing and expanding their presence in the global financial sector. As a result, market participants are becoming more comfortable launching crypto index funds.

Coinbase announced the launch of the COIN50 crypto index fund earlier this week, which tracks the performance of the top 50 digital assets. The COIN50, a new crypto index created in collaboration with Coinbase and VanEck’s Market Vector, offers a novel approach to tracking the performance of the crypto economy. Coinbase designed this index to provide investors with a clearer view of overall market trends.

Bitwise, which is seeking to convert its crypto index fund into an ETP structure, may have to wait for a transition period if Gensler does step down, before proceeding with SEC approval. Bitwise has already launched a spot bitcoin ETF and a spot ether ETF as it looks to expand its suite of products.