Bitwise Asset Management Files for Top-10 Cryptocurrency ETF
Crypto asset manager Bitwise, which created one of the world’s first privately-offered cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, announced Tuesday that it has filed for registration with the Securities and Exchange Commision to bring the first crypto index ETF to market.
Another exciting milestone for Bitwise: Today, we filed a registration statement with the Securities and Exchange Commission for the first cryptocurrency index ETF. https://t.co/9lsuEAiVek
— Bitwise (@BitwiseInvest) July 24, 2018
According to the announcement, The HOLD 10 Index plans to capture approximately 80% of the total market capitalization of the cryptocurrency market by including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar Lumens (XLM), Litecoin (LTC), Dash (DASH), Zcash (ZEC), Ethereum Classic (ETC) and Monero (XMR). The weighting is done via 5-year-diluted market caps and other eligibility criteria such as “continuously changing supply, liquidity, trade volume concentration, and custody limitations.”
In a statement provided to Forbes, the company’s co-founder and CEO, Hunter Horsley shares that the index will be designed to adapt to the highly volatile crypto market.
What things will look like five or ten years from now is pretty unclear. The HOLD 10 index offers broad exposure, it updates monthly and changes to adapt to the market.
Bitwise already offers the HOLD 10 index fund to accredited investors, which was among the earliest privately-offered cryptocurrency index funds.
This news comes on the same day the SEC announced that they require more time to consider five Bitcoin ETF proposals submitted by Direxion Investments and a week after AltDex, a new cryptocurrency index, launched the AltDex 100 Index (ALT100), the AltDex Exchange Token Index (ALTEXC), and the AltDex Privacy Coin Index (ALTPRV).
Related: AltDex Cryptocurrency Indices
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.