Bitwise Files for 11 Crypto ETFs, Including Zcash, Ethena, and Bittensor

Crypto index fund manager Bitwise has taken its adoption of crypto exchange-traded funds (ETFs) to the next level. In a recent Form N-1A filing with the United States Securities and Exchange Commission (SEC), the firm applied for approval for 11 crypto ETFs tied to various altcoins.

Bitwise Applies for 11 Crypto ETFs

Bitwise labelled these crypto ETFs as “Strategy” funds. The exchange-traded funds featured the following cryptocurrencies: Aave (AAVE), Canton (CC), Ethena (ENA), Hyperliquid (HYPE), Near (NEAR), Starknet (STRK), Sui (SUI), Bittensor (TAO), Tron (TRX), Uniswap (UNI), and Zcash (ZEC).

Like other crypto ETFs, these funds in the pipeline aim to offer investors direct or indirect exposure to cryptocurrencies, benefiting from their price movements.

The firm explained in its filing that it would derive its exposure to these cryptocurrencies by investing directly in the asset alongside other securities that provide exposure to the asset. For example, Bitwise plans to inject up to 60% of its CC Strategy ETF into Canton’s native cryptocurrency. The remaining 40% will be funneled into securities that provide exposure to or replicate the performance of the CC cryptocurrency.

If approved, these ETFs would join Bitwise’s existing funds, which track BTC, ETH, XRP, SOL, and DOGE. Like other exchange-traded funds issued by the firm, these products will be listed on the NYSE Arca exchange upon debut.

Notably, Bitwise has explored various channels to offer investors exposure to crypto assets. Earlier this month, it launched a crypto index fund tracking 10 cryptocurrencies. The fund, under the ticker BITW, trades on the NYSE Arca as an exchange-traded product (ETP).

Wen Approval?

Granted, the SEC has simplified the ETF approval procedure this year. Still, issuers need to submit applications to the financial regulator and await reviews before approvals come.

Recently, Bitwise filed a Form S-1 registration statement with the SEC to seek approval for a spot Chainlink ETF. Despite being in the pipeline for a few months now, the product has yet to get a green light for listing.

Hence, Bitwise’s “Strategy” ETFs may take considerable time before the SEC decides whether to approve them.