Bitwise has rolled out another cryptocurrency ETF after filing for an XRP fund with the US Securities and Exchange Commission.
Bitwise has fueled the wave of exchange fund trading deposits with the implementation of a new fund targeting Bitcoin (BTC) and US Treasuries. According to Bloomberg’s James Seyphart, a product bearing the BITC ticker will be the same Axis Capital among the leading cryptocurrency and the number one short-term debt obligations in America.
Following the fund’s initial filing last December, Bitwise has filed amended documents to rename its newest cryptocurrency investment vehicle to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF. It’s the third ETF from the cryptocurrency index fund manager this week. On October 1, the capital advisor hopes to expand its suite of digital asset products by registering a Delaware Trust for a potential exchange-traded fund (XRP).
Bitwise continued this process with its Form S-1 paperwork filed with the US Securities and Exchange Commission on October 2, confirming the registration of the securities offering with the Wall Street regulator.
The SEC will need to approve both Form S-1 and Forms 19b-4 documents before the Bitwise XRP ETF, or any other crypto ETF, can list and trade on national exchanges.
The wave of cryptocurrency fund deposits arrived in the early fourth quarter, a historically bullish period for cryptocurrencies and other assets. Both CryptoQuant and QCP Capital analysts have pointed to growing institutional appetite for Bitcoin and altcoins like Ethereum (ETH) and Solana (SOL) despite the war in the Middle East and the Middle East. Recent institutional flows
Spot Bitcoin ETFs have been particularly successful since their launch in January. Glassnode male US BTC ETFs hold approximately 5% of Bitcoin’s supply of 21 million tokens.
In other words, investors have deposited over $58 billion of capital into Bitcoin spot funds. Experts believe this trend will continue and accelerate as the year progresses deeper into the fourth quarter.
Conversely, Ethereum ETFs have struggled compared to the sprint demonstrated by Bitcoin products. The spot ETH ETF pool has $6.4 billion in assets, per SoSoValue, just over 10% of the assets of the spot BTC ETF. Matt Hogan, IT director at Bitwise, said the ETH ETF would surprise observers within a year, though he acknowledged that Ethereum funds may have been launched too early.
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