filed<\/a> paperwork with the U.S. Securities and Exchange Commission for 11 new funds tracking individual cryptocurrencies such as AAVE, Uniswap\u2019s UNI, privacy coin ZEC, Canton Network\u2019s CC, Ethena\u2019s ENA, Hyperliquid\u2019s HYPE, NEAR Protocol\u2019s NEAR, Starknet\u2019s STRK, Sui\u2019s SUI, Bittensor\u2019s TAO, and Tron\u2019s TRX.<\/p>\nA hybrid structure<\/h1>\n
Dubbed Bitwise Strategy ETFs, each of the proposed funds will track their respective altcoins and offer regulated, brokerage-based exposure for those looking to invest without the complexity of managing private wallets or self-custody.<\/p>\n
\u201cThe Fund seeks to achieve its investment objective through direct and indirect investments in \u2018AAVE,\u2019 the governance and utility token of the Aave Protocol,\u201d the filing said, regarding the Bitwise AAVE Strategy ETF.<\/p>\n
However, unlike the fund manager\u2019s other recently launched spot crypto products that are 100% backed by the underlying digital asset, the new products are structured as hybrid vehicles. Up to 60% of the fund\u2019s assets may be held in the actual token, while 40% would be allocated to ETPs or derivatives referencing the same asset.<\/p>\n
<\/p>\n
\u201cThe Fund may also invest in derivatives contracts, such as futures contracts and swap agreements that utilize AAVE or an AAVE ETP as the reference asset. Under normal market conditions, the Fund will invest at least 80% of its net assets plus borrowings in AAVE, AAVE ETPs, and AAVE Derivatives,\u201d according to the filing.<\/p>\n
Bitwise has selected Coinbase Custody Trust Company LLC as the custodian, consistent with the firm\u2019s approach for many of its other crypto investment products.<\/p>\n
The specific tickers for each of the funds remained unspecified in the current filing. If approved, the ETFs are expected to be listed on NYSE Arca \u201cunder a ticker symbol that will be determined prior to commencement of trading,\u201d the filing noted.<\/p>\n
Bitwise continues expanding offerings<\/h2>\n
Over the past few months, Bitwise has filed for and debuted a number of crypto ETF products, including the Bitwise Solana Staking ETF, which began trading in late October, and the Bitwise XRP ETF that went live in the second half of November.<\/p>\n
Earlier this month, Bitwise submitted its Form S-1 for an ETF tracking the Sui token, as it awaits approval of another vehicle dubbed the Bitwise 10 Crypto Index ETF, which offers diversified exposure to the top 10 cryptocurrencies by market cap.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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