Bitwise’s Bold Crypto ETF Move: Tracking Tron, ZEC, and 9 Others While Snubbing Cardano
Bitwise just drew a line in the digital sand. Their latest crypto ETF prospectus names 11 assets—including Tron and ZEC—and conspicuously leaves one major player off the list: Cardano.
The New ETF's Chosen Few
The fund's basket targets a specific slice of the crypto universe. By tracking Tron, ZEC, and nine other digital assets, Bitwise is making a calculated bet on utility and adoption metrics that, for now, exclude Ethereum's once-favored rival. It's a portfolio built on current network activity, not past promises.
What 'Snub' Really Means for the Market
This isn't just an omission—it's a statement. ETF issuers wield immense influence as gatekeepers of institutional capital. When a firm like Bitwise bypasses a top-10 asset, it forces a brutal reassessment of what 'fundamentals' actually matter to Wall Street. Suddenly, developer activity and academic papers take a backseat to transaction volume and clear use cases.
The Ripple Effect on Crypto Narratives
The move sends a chill through projects banking on pedigree over performance. It highlights a growing divide in crypto investing: the theoretical versus the transactional. While some communities debate roadmap timelines, ETF managers are counting real users and fees—a shift that could reshape which projects attract serious capital.
One cynical take? This is finance doing what it does best: prioritizing today's revenue over tomorrow's potential. After all, why bet on a smart contract platform of the future when you can charge fees on a meme coin's present trading volume? Bitwise's selection cuts through the hype, revealing the harsh, simple math of modern crypto finance.
Prominent asset manager Bitwise filed for a new crypto ETF for 11 separate major altcoins like Zcash and Tron but omits Cardano. Notably, Bitwise filed the N-1A form with the US Securities and Exchange Commission (SEC) on Tuesday, seeking to add to its ever-expanding collection of crypto ETFs.
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