Bitwise has applied to combine many cryptocurrencies into a single ETF.

Bitwise, one of the pioneers in digital asset management, has taken action to initiate a new era in the cryptocurrency markets. The company has applied to the SEC for an exchange-traded fund (ETF) based on 10 Crypto Index Funds. The new ETF offers investors indirect investment opportunities among Bitcoin, Ether, and other popular cryptocurrencies.

Bitwise Expands the Crypto ETF Market

Bitwise, one of the leading asset management companies in the cryptocurrency world, has taken a new step by submitting an ETF application that includes multiple cryptocurrencies to the SEC. The application, based on the 10 Crypto Index Funds managed by the company since 2017, aims to combine the leading assets of the cryptocurrency market into a single product.

The process, which began with NYSE Arca's request for ETP listing on November 15, continued with the official application that Bitwise recently submitted to the SEC. The planned ETF will offer investors indirect investment opportunities in cryptocurrencies such as Bitcoin and Ethereum, as well as Solana, XRP, Avalanche, Chainlink, Cardano, Bitcoin Cash, Uniswap, and Polkadot.

Bitwise, which manages assets worth $11 billion, has established strong partnerships for the custody services of the new ETF. While the custody of crypto assets will be handled by Coinbase Custody, the protection of cash assets has been entrusted to the Bank of New York Mellon.

The company, which has recently been following an active expansion strategy, has restructured its XRP ETF in Europe as Bitwise Physical XRP ETP. Not stopping there, Bitwise has applied for a direct Bitcoin and Ether-focused ETF with NYSE Arca and has laid the legal groundwork for a spot Solana ETF in Delaware.

The positive regulatory environment that began with the SEC's approval of spot Bitcoin and Ether ETFs has been further strengthened by Donald Trump's presidential victory and the increase of crypto-friendly representatives in Congress. Industry representatives believe that these developments indicate a positive direction for cryptocurrency regulations in the U.S.