Bitwise Will Launch Another Multi-Crypto-Based Exchange-Traded Product

The cryptocurrency asset manager Bitwise is in the latest cryptocurrency news. After partnering with the Swiss fintech startup Amun AG, news show that Bitwise will launch another multi cryptocurrency based exchange-traded product (ETP). The news were confirmed in a press release shared by the company on June 26.

Meanwhile, the Index calculation subsidiary of Bitwise, the Bitwise Index Services, has licensed “The Bitwise 10 Select Large Cap Crypto Index” to Amun AG in order to bring a diversified crypto ETP, as per the announcement. This shows that while Bitwise will launch a new ETP product, its index will act as the benchmark index for an ETP product called “Amun Bitwise Select 10 Large Cap Crypto Index ETP” and will operate under the ticker symbol KEYS, as reports by many best cryptocurrency news sites including The Block show.

With this, the new ETP product that Bitwise will launch will trade on Switzerland’s principal stock exchange SIX Swiss Exchange and will be only accessible by investors who reside outside of the United States, the release notes.

In the coming altcoin news, we can see that the index (Bitwise 10 Select Large Cap Crypto Index) will allow tracking the performance of up to 10 of the top global crypto assets by “free-float and inflation-adjusted market capitalization” as Bitwise wrote in the press release, adding that its index is rebalanced and reconstructed on a monthly basis.

As such, the May 31 rebalance shows that while Bitwise will launch a new ETP, the index last time included eight cryptocurrencies including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), Stellar (XLM), and Cardano (ADA). At the time, Bitcoin had a “weight” of 67.8% while Ether was weighed at 11.5%.

According to Matt Hougan who is the Global Head of Research at Bitwise, the new initiative is an attempt to assist non-US investors in obtaining “diversified exposure to the crypto markets”. He also added that the index is designed for Swiss investors who “want to be sure they gain and maintain exposure to the most important crypto projects in the world.”

To date, there have been four crypto ETPs listed by the SIX Swiss Exchange. The news that Bitwise will launch a new one is definitely big in the crypto space.