According to a press release, Bitwise to launch the first “publicly-regulated cryptocurrency index exchange-traded fund (ETF)” filed with the US Securities and Exchange Commission (SEC). Bitwise is the latest digital asset venture that applied the exchange-traded-fund (ETF) for the cryptocurrency.

The company’s head of exchange-traded products, John Hyland said:

“We are aware that other investment firms have filed for cryptocurrency ETFs under the Securities Act of 1933, and that there continues to be interest in filing under the Investment Company Act of 1940. As best we know, all of these funds plan to offer exposure to a single coin such as bitcoin or ether. That is fine, but our proposed offering is obviously different.”

An ETF is a market security measure that traces out a group of assets similar to stocks on an exchange. It would track the platform’s HOLD 10 Cryptocurrency Index. It is basically a market capitalization value index of the 10 leading cryptocurrencies. These leading cryptocurrencies obtain approximately 80 percent of the entire market value.

The company’s HOLD 10 Private Index Fund was introduced back in November. Bitwise was the first company to offer accredited investors with the weekly liquidity via an open-sided private placement system.

The registration record has been filed; however, U.S. financial watchdog has not yet approved the ETF. There are many firms that have filed for Bitcoin-only ETFs. However, Bitwise is the only company that has filed an ETF for multiple digital assets.

The head of research at the company, Matt Hougan stated:

“We’re joining the queue. The market is professionalizing in a direction that the SEC would allow a crypto ETF onto the market.”

Back in last year, the SEC has refused the application filed by “Cameron and Tyler Winklevoss”, the founders of Gemini, a crypto exchange.

Earlier today, the reports say that the SEC has postponed the reviewing of a Bitcoin-ETF app filed by investment firm “Direxion”. After which the U.S. financial watchdog declared:

Most noteworthy, by analyzing the past records of the company, SEC will surely take a reliable decision as it has been processing till date.

What do you think will SEC approve the ETF request of Bitwise? Lets hangout on Twitter.

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