New Bitcoin ETF filing includes an Ethereum portfolio

10 May, 2019
by Richard Allen
New Bitcoin ETF filing includes an Ethereum portfolio

While the SEC may already have two outstanding Bitcoin ETF decisions to make, the United States Commodity Index Fund has filed a new application. This one, however, may complicate things as it's based on a portfolio of both Bitcoin and Ether.

As Bitcoinist reports, the USCF Crescent Crypto Index Fund, with the ticker symbol XBET, will track the Crescent Crypto Cire II index (CCINDX). According to the application, his measures the performance and market cap weighted portfolio of Bitcoin and Ether, the two “largest and most liquid cryptocurrencies.”

This new filing comes at a time when the SEC is deliberating on two previously filed applications from Bitwise Asset management and VanEck. Considering the amount of time it takes the SEC to decide on a purely Bitcoin-based ETF, it’s unclear what the implications will be with having Ether in the mix.

The SEC postponed the two outstanding applications in March this year, shortly before their decisions were due. The agency will decide on the next course of action for these applications on May 16 and May 21, respectively.

Best case scenario, the SEC will approve the bitwise SE next week, though it’s just as likely they’ll decide to “start proceedings.” Given that SEC Commissioner Robert Jackson stated a Bitcoin ETF will be approved eventually, every previous application has been met with rejection.

Additionally, as Chepicap recently reported, the SEC’s Hester pierce, otherwise known as Crypto Mom, has admitted that the SEC’s hesitation has “stifled growth” of cryptocurrencies.

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