Asset manager Bitwise filed for a multi-crypto ETF comprising a basket of digital assets on Thursday, as the chorus grows for the resignation of SEC Chair Gary Gensler. The Bitwise 10 Crypto Index Fund (BITW) will comprise a basket of 10 digital assets, probably the largest by market cap. This will make crypto investing simpler for retail players looking to seek exposure across multiple digital assets.

Bitwise Moves to Convert a $1.3 Billion Crypto Index Fund to a Crypto ETF

On Thursday, November 14, asset manager Bitwise announced that NYSE Arca filed to list its 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This is the world’s first and largest crypto index fund, notes the asset manager, with $1.3 billion in assets under management.

This filing marks a significant step in the asset manager’s efforts to transition the publicly traded trust into an ETP structure. This multi-crypto ETF will further boost transparency and efficiency for investors. If approved, BITW’s conversion could pave the way for broader adoption of crypto index products in the financial markets.

This development comes as Gary Gensler confirms his crypto regulation stand while hinting at his resignation ahead. Bloomberg ETF strategist Eric Balchunas also welcomed this development stating that it comes shortly after Grayscale’s recent push to establish a similar ETF.

Balchunas highlighted the potential shift in regulatory sentiment with SEC Chair Gary Gensler’s departure and the possible appointment of a Trump administration SEC Chair, which could open the door to increased crypto ETF approvals.

“It’s too early to determine the odds. but the evolving regulatory environment makes it worth a try,” stated Balchunas.

Crypto Index Funds in Demand

As cryptocurrencies gain maturity and increase their footprint in the global financial sector, market players are getting more comfortable with launching crypto index funds. Earlier this week, Coinbased announced its COIN50 crypto index fund comprising the top 50 digital assets.

COIN50, a new crypto index developed in collaboration between Coinbase and VanEck’s Market Vector, offers a fresh approach to tracking the crypto economy’s performance. Coinbase described the index as a tool designed to give traders clearer insights into overall market trends.

With Bitwise planning to convert its crypto index fund to an ETP structure, the SEC approval can take time considering the transition period if Gensler resigns. The asset manager has already launched the spot Bitcoin ETF and the spot Ethereum ETFs in the market while looking to expand its product suite.

The post Bitwise Files for Multi-Crypto ETF After Gary Gensler Resignation Hint appeared first on CoinGape.

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Filed under: News - @ November 15, 2024 7:22 am