U.S. regulators need more time to decide whether exchange-traded funds (ETFs) designed as one-stop cryptocurrency portfolios can be listed on the New York Stock Exchange’s electronic stock exchange, according to a Jan. 14 regulatory filing.
The filing was in response to the NYSE’s December request for permission to list the Bitwise 10 Crypto Index Fund on NYSE Arca.
If approved, Bitwise’s proposed ETF will be the first diversified spot cryptocurrency ETF to hit the U.S. market. It will also be the first U.S. ETF to hold alternative cryptocurrencies, or “altcoins.”
The ETF offers investors Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX), Bitcoin Cash (BCH), and Chainlink ( LINK), Uniswap (UNI)) and Polkadot (DOT).
The SEC has extended Bitwise’s ETF review timeline. source: secretary
relevant: Bitwise files with SEC for 10 Crypto Index Fund ETFs
Cryptocurrency index ETFs are trending
Industry analysts say cryptocurrency index ETFs are attracting significant interest from issuers, following funds holding BTC and ETH, which were listed in January and July respectively.
“The next logical step is index ETFs. Because indices are just as efficient for investors as people buying the S&P 500 in an ETF. This will be the same for cryptocurrencies.” Katalin Tischhauser, head of investment research at cryptocurrency bank Sygnum, told Cointelegraph in August.
In November, the NYSE filed to list another Bitwise index ETF, the Bitwise Bitcoin and Ethereum ETF. The proposed fund aims to “provide investors with balanced exposure to the two largest cryptocurrency assets in the world in an easy-to-access format,” the asset manager posted to X on November 26.
In an October filing, NYSE Arca asked the SEC for permission to list a Grayscale index ETF called the Grayscale Digital Large Cap Fund. Other cryptocurrency index funds proposed by asset managers Hashdex and Franklin Templeton are also adding to the fray.
Bitwise is also preparing other cryptocurrency ETFs. Last December, Bitwise submitted a proposal to introduce a new fund designed to invest in publicly traded companies holding significant amounts of Bitcoin.
According to a December 26 regulatory filing, the Bitwise Bitcoin Standard Corporations ETF will invest in companies that have adopted the ‘Bitcoin standard’ and will hold a minimum of 1,000 BTC in the companies’ treasuries.
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