BitWise Files for 10 Crypto Index ETF with SEC

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The cryptocurrency investment landscape in the United States may soon see a major expansion, as BitWise has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its Bitwise 10 Crypto Index Fund. If approved, this would mark the most diversified crypto ETF available in the U.S. market to date, offering exposure to a broad basket of top digital assets rather than focusing on a single cryptocurrency like Bitcoin or Ethereum.

This new filing underscores a growing trend of institutional interest in crypto-based financial products. The proposed ETF would track a market-cap-weighted index composed of ten leading cryptocurrencies, providing investors with a balanced and diversified entry point into the volatile yet high-potential digital asset space.

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What’s Included in the Bitwise 10 Crypto Index ETF?

According to the official SEC filing, the Bitwise 10 Crypto Index Fund includes the following digital assets:

This composition has remained consistent since the index’s inception in 2018, designed to reflect the performance of the ten largest cryptocurrencies by market capitalization. Unlike single-asset ETFs, this diversified model aims to reduce volatility while still capturing broad market growth across major blockchain ecosystems.

The inclusion of assets like Solana, Cardano, and Uniswap signals a shift toward recognizing smart contract platforms and decentralized finance (DeFi) protocols as core components of the digital economy. Notably, the recent surge in Cardano’s price sparked speculation among market observers—some even suggesting early positioning for ETF inclusion.

“Remember when I was speculating that ADA’s huge price movement was from someone purchasing ADA for an ETF? NYSE Arca just submitted a filing to the SEC to launch a Bitwise 10 Crypto Index Fund with Cardano as the fifth largest asset. I imagine Coinbase will follow, first of many,” posted influencer Big Pey on X.

BitWise Expands Its Crypto ETF Portfolio

BitWise first entered the spot Bitcoin ETF market earlier in 2024 with the successful launch of BITB, one of the ten initial applicants approved by the SEC. That milestone positioned BitWise as a key player in the institutional adoption of cryptocurrency investment vehicles.

Now, with this latest filing, BitWise is signaling its intent to broaden its offerings beyond single-asset exposure. The firm has also recently filed for a Solana ETF and rebranded an XRP exchange-traded product (ETP) for European markets, demonstrating a strategic push toward global crypto asset diversification.

This momentum reflects increasing confidence among asset managers that regulatory hurdles are gradually easing. While the SEC has yet to set a decision deadline for the 10 Crypto Index ETF application, the mere acceptance of the filing initiates a mandatory review period during which the commission will evaluate compliance, market impact, and investor protection concerns.

Why a Diversified Crypto ETF Matters

Traditional financial theory emphasizes diversification as a cornerstone of risk management. By spreading investments across multiple assets, investors can mitigate the impact of volatility in any single holding. The proposed Bitwise 10 Crypto Index ETF brings this principle into the digital asset space.

For retail and institutional investors alike, such a product offers several advantages:

Moreover, tracking a well-defined index enhances transparency and reduces manager discretion, aligning with SEC standards for fair and orderly markets.

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Regulatory Outlook and Market Implications

The broader regulatory environment in the U.S. appears to be shifting in favor of crypto innovation. With renewed political support and evolving leadership at the SEC, there’s growing optimism that diversified crypto products may receive favorable treatment.

While past decisions have been cautious—particularly around altcoin-based ETFs—the approval of multiple spot Bitcoin ETFs in early 2024 set a critical precedent. It demonstrated that regulated, custodied, and transparent crypto products can meet investor protection standards.

If the Bitwise 10 Crypto Index ETF gains approval, it could pave the way for similar multi-asset products from other financial firms, potentially triggering a wave of innovation in crypto-linked securities.

Frequently Asked Questions (FAQ)

Q: What is a crypto index ETF?
A: A crypto index ETF is an exchange-traded fund that tracks a basket of cryptocurrencies, typically weighted by market capitalization. It allows investors to gain diversified exposure to multiple digital assets through a single tradable security.

Q: How is this different from a Bitcoin ETF?
A: While a Bitcoin ETF only provides exposure to Bitcoin, a crypto index ETF includes multiple cryptocurrencies—such as Ethereum, Solana, and Cardano—offering broader market coverage and reduced concentration risk.

Q: Has the SEC approved this ETF yet?
A: No. The SEC has acknowledged BitWise’s filing and initiated its review process, but no decision deadline has been announced. Approval is not guaranteed and depends on regulatory evaluation.

Q: Which companies are also pursuing similar ETFs?
A: Firms like VanEck, 21Shares, and Canary Capital have also filed for Solana-based ETFs, indicating strong industry momentum toward expanding beyond Bitcoin-centric products.

Q: Can I invest in this ETF now?
A: Not yet. The fund is still under regulatory review. Investors should monitor official SEC updates and consult financial advisors before making decisions.

Q: Will this ETF include staking rewards?
A: The current filing does not specify staking mechanisms. Most U.S.-listed crypto ETFs do not currently distribute staking yields due to regulatory complexity.

The Road Ahead for Crypto Investment Products

The Bitwise 10 Crypto Index ETF represents more than just another financial product—it’s a potential milestone in the maturation of the digital asset ecosystem. As institutional demand grows and regulatory clarity improves, we’re likely to see more sophisticated investment vehicles emerge.

For investors seeking exposure beyond Bitcoin, products like this could become essential tools for building resilient, forward-looking portfolios. And as market infrastructure evolves—from custody solutions to compliance frameworks—the path toward mainstream adoption becomes clearer.

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Final Thoughts

BitWise’s latest move highlights a pivotal moment in crypto finance. With its application for a diversified 10-crypto ETF, the firm is pushing the boundaries of what’s possible within regulated markets. While regulatory approval remains uncertain, the filing itself signals growing confidence in the long-term viability of digital assets as part of traditional investment portfolios.

As scrutiny continues and discussions unfold, one thing is clear: the era of single-asset crypto ETFs may be giving way to a new generation of diversified, index-based solutions designed to meet the demands of modern investors.

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