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Investment Startup Bitwise Proposes ETF for Top 10 Cryptos

Crypto investment startup Bitwise is seeking regulators‘ permission to offer an exchange-traded fund (ETF) tied to the top 10 cryptocurrencies.

The ¬†would track the returns on the startup‘s HOLD 10 Index. That index is the basis for a passive investment fund which itself invests in the . This fund “captures approximately 80 [percent] of the total market capitalization of the cryptocurrency market,” the company said Tuesday.

According to a press release, the ETF proposal addresses issues surrounding supply, liquidity, trade volume and custody, which are areas the SEC has about in the past.

The proposal, filed with the SEC, differs from other ETF applications under the agency‘s review in that it lists multiple cryptocurrencies as part of the fund, and not just bitcoin.

The news comes just hours after the regulator announced it was on five other proposed ETFs. Those funds were proposed by Direxion Investments, which has withdrawn similar proposals in the past at the SEC‘s direction.

At the same time, there is an effort to encourage the SEC to , offered by VanEck and SolidX. The SEC is taking comments on this proposal, and may offer a decision as soon as next month if it does not choose to delay it as well.

image via Worawee Meepian / Shutterstock