Bitwise has announced in a press release today that it has filed with the SEC to offer a public cryptocurrency index ETF. Bitcoin prices have been on the rise as the SEC has plans to rule on a another ETF filing on August 10th. This is more of similar bullish news on Bitcoin in the last week as traders are looking for a trend change in the bear market of the past few months. More info from the Bitwise press release:
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).
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.
A registration statement relating to the shares of the Bitwise HOLD 10 Cryptocurrency Index Fund ETF has been filed with the Securities and Exchange Commission (SEC) but has not yet been declared effective. The shares of the ETF may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell or the solicitation of an offer to buy shares of the fund, nor will there be any sale of the shares in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. An offering of the shares of the Bitwise HOLD 10 Cryptocurrency Index Fund ETF will be made only by means of a prospectus.