Key Takeaways
- The SEC has approved the conversion of the Bitwise 10 Crypto Index Fund into an ETF.
- The new ETF will provide exposure to ten major crypto assets: Bitcoin, Ethereum, XRP, Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot.
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The US Securities and Exchange Commission has approved Bitwise’s request to convert its 10 Crypto Index Fund into a fully-fledged ETF, allowing investors to gain exposure to a diversified basket of digital assets including Bitcoin, Ethereum, XRP, and Solana.
According to the filing, the ETF will also include Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot. The move marks one of the broadest crypto ETF approvals in the US market so far and signals a growing regulatory shift toward embracing crypto-based investment products.
Bitwise currently manages approximately $5.79 billion in assets across its 12 crypto ETFs. The flagship spot Bitcoin ETF holds about $4.79 billion, and its Ethereum ETF adds $431 million in net assets.
As Washington warms up to crypto, industry watchers anticipate a wave of new ETF approvals. Bloomberg ETF analyst James Seyffart said in June that he now places 95% approval odds on ETFs for XRP, Litecoin, and Solana. He added that Cardano, Polkadot, HBAR, Avalanche, and even Dogecoin have a 90% likelihood of approval in the coming months.
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