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Next in Line: Bitwise Files With SEC For First Cryptocurrency Index ETF

US SEC | BITWISE FILES FOR ETF | CRYPTOCURRENCY ETF SEC | SECURITIES AND EXCHANGE COMMISSION | CRYPTOCURRENCY INDEX

 

Bitwise Asset Management, creator of the world’s first privately-offered cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, today announced the filing of the registration statement for a new fund, the first publicly-offered cryptocurrency index exchange-traded fund (ETF).

An ETF is a marketable security that tracks a group of assets and is traded like stocks on an exchange. While other companies have filed for Bitcoin-only ETFs, Bitwise is the only firm to apply for an ETF that would track multiple digital assets.

The new ETF will be called the Bitwise HOLD 10 Cryptocurrency Index Fund.  It aims to track the returns of Bitwise’s HOLD 10 Index, a market-cap-weighted index of the 10 largest cryptocurrencies, rebalanced monthly. The HOLD 10 Index captures approximately 80% of the total market capitalization of the cryptocurrency market.

It uses a 5-year-diluted market cap and other eligibility criteria meant to address challenges of the crypto space such as continuously changing supply, liquidity, trade volume concentration, and custody limitations.

Today’s press announcement featured a number of detailed comments from head staff members of Bitwise. John Hyland, Head of Bitwise Global Exchange-Traded Products said,

“We know that the current crypto ETF filings have generated a great deal of discussion and analysis within the SEC about this emerging asset class, and the SEC and its staff, to their credit, have asked for public comment on a wide range of issues relating to these products,”

“We expect the staff of the SEC has had ongoing discussions with the investment firms making the crypto filings to date, and we look forward to having our own discussions with the SEC about the nature of our proposed offering.”

The HOLD 10 Index is currently comprised of

  • bitcoin
  • ether
  • XRP
  • bitcoin cash
  • lumens
  • litecoin
  • dash
  • zcash
  • monero
  • ether classic.

Bitwise also offers a fund for accredited investors based on the HOLD 10 Index, which is among the earliest privately-offered cryptocurrency index funds.

Index funds have traditionally been considered a sound investment for would-be investors, as they typically cover a wide range of assets which balance out consistent returns in the midst of volatile markets. This can be particularly useful in the case of cryptocurrency, where any single coin can undergo dramatic price fluctuations in surprisingly short periods of time.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

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