Investment company Bitwise is seeking permission of the securities and exchange Commission (SEC) to open its exchange-traded Fund (ETF) focused on the ten largest by market capitalization of cryptocurrencies.
The future Fund will have a long name Bitwise HOLD 10 Cryptocurrency Index Fund ETF in accordance with the previous project of the company is a private index Fund HOLD 10. It works with the first ten in terms of market capitalization in digital currencies and covers therefore, 80% of the total cryptocurrency market. In this list, include Bitcoin (BTC), Ethereum (ETH), XRP from Ripple and Bitcoin Cash (BCH).
In its application for SEC Bitwise also addresses issues related to liquidity, trading volume and storage, that is, those for which the regulator had concerns in the past. In addition, the application stands out from many others because the new Fund is going to work with multiple cryptocurrencies, not just bitcoin.
Yesterday it became known that the SEC has postponed action on five bitcoin ETF application for registration which was filed by the company Direxion Investments. At the same time, at the discretion of the Commission is the application for registration of another Fund from the Cboe Global Markets. Predictions regarding its fate optimistic — decision from the regulator is expected next month. How will the Commission in relation to the Bitwise not yet clear.
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