One of the largest asset managers, ProShares, wants to launch a new crypto ETF that will track the CoinDesk 20 index.
To launch the product, the company has already filed an application with the SEC and is awaiting regulatory approval. Sources say this index is considered one of the key ones in the crypto industry. It reflects the dynamics of the 20 largest cryptocurrencies by market capitalization and is used as a benchmark for many investors.
The new ETF from ProShares will provide access to the largest cryptocurrencies
The fund is called ProShares CoinDesk Crypto 20 ETF. According to the company, it will give investors access to the largest and most liquid cryptocurrencies, including Solana, Ethereum, XRP and Bitcoin.
In the documents filed with the SEC, it is stated that the new ETF will follow the CoinDesk 20 index. However, commissions and other expenses will not be included in the price calculation.
The index excludes memecoins, wrapped tokens, and stablecoins. Only liquid assets with significant capitalization are included. The list definitely includes BTC, ETH, XRP and SOL.
This step confirms the growing interest in crypto ETFs. Previously, VanEck also filed an application. The company wants to launch a Solana ETF and promised to reduce the fee to 0.3%.
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Unlike some funds, ProShares will not directly purchase cryptocurrencies. Instead, the company will focus on swaps, derivatives, and other instruments that replicate the movement of assets from the index.
Sources say this model is currently at the peak of interest. For example, 21Shares recently filed an updated application with the SEC for a spot Dogecoin ETF—the company submitted a revised S-1 form.
Experts believe that this approach fits perfectly into current regulations. It allows investors to enter the crypto market through a clear and regulated format, without unnecessary risk.
It is known that ProShares plans to create a subsidiary in the Cayman Islands. It will be responsible for part of the derivative contracts. At the same time, the limit has already been set: no more than 25% of all fund assets.
ProShares expands its line of crypto investment products
Back in 2021, the company was the first in the US to launch a bitcoin ETF based on futures. Since then, it has only increased its activity in the crypto sector.
After the latest application, interest from institutions has noticeably increased. More and more major players prefer not to bet on a single coin, but to assemble a basket of several assets—this helps reduce risks and smooth out volatility.
As for the CoinDesk 20 index, which the new ETF will follow, it is updated quarterly. The list includes only liquid and actively traded coins: BTC, ETH, XRP, SOL, ADA and Avalanche.
See also: Bitcoin at $107,000 after a $110 billion crash. Jim Cramer says the market is ready to grow
This step fits into the general trend. For example, REX-Osprey recently filed applications for several ETFs linked to altcoins—ADA, HYPE, XLM and SUI.
If the regulator gives the green light, the ProShares CoinDesk Crypto 20 ETF will become one of the first diversified crypto ETFs in the US.
