Bitwise, one of the world’s largest cryptocurrency fund managers, has submitted a new prospectus to the US Securities and Exchange Commission (SEC) to launch a registered fund for so-called “crypto innovators”.

On February 5, the fund manager submitted the N-1A Form to the SEC, stating its intention to introduce the Bitwise Crypto Innovators ETF. The proposed ETF will track the performance of Bitwise Crypto Innovators.

The proposed index will mainly consist of companies that have more than 75% of their revenue in the cryptocurrency sector or have more than 75% of net cryptocurrency assets. Other companies include large companies that have a “custom trade initiative” with a focus on cryptocurrencies.

According to the prospectus, crypto innovators include digital trading platforms, managers and portfolios; Financial service providers who use cryptocurrency or blockchain technology; Financial institutions serving digital asset clients; And blockchain infrastructure service providers.

The doctor says:

The term “cryptocurrency creators” generally refers to companies that operate and trade in a sector of the economy that operates using crypto assets and distributed ledger technology. ”
In particular, the proposed ETF will not invest in cryptocurrencies directly or through derivatives. The fund will also avoid processing the coin’s first offer.

Bitwise has been at the forefront of the ETF debate over the years. In January 2020, the fund manager created a long-term Bitcoin ETF app, following a similar move from VanEck. Bitwise told Cointelegraph at the time that they plan to re-apply in time.

That time may be approaching as more institutions jump on the bitcoin bandwagon. Digital assets have been rising for months thanks to a new wave of corporate and institutional buyers. Tesla confirmed on Monday that it has taken over most of its BTC balance and has become the largest buyer in history.

Source: CoinTelegraph