Crypto Asset Manager Bitwise Files For Cryptocurrency ETF

San Francisco-based Bitwise Asset Management has filed a registration statement for a publicly-offered cryptocurrency index ETF with the Securities and Exchange Commission. The company said in a statement that the new ETF will track the returns of Bitwise’s market-cap-weighted index of the 10 largest cryptocurrencies, the HOLD 10 Index. It is intended to serve both retail and institutional investors.

The company’s co-founder and CEO, Hunter Horsley, says the index is a valuable tool for investors because it is not tied to the performance of any one coin. “What things will look like five or ten years from now is pretty unclear,” Horsley told Forbes. “The HOLD 10 index offers broad exposure, it updates monthly and changes to adapt to the market.” 

According to a statement from Bitwise, the index uses a 5-year-diluted market cap and other eligibility criteria to mitigate the challenges of investing in the crypto space, like “continuously changing supply,…