WisdomTree, a financial institution with over $76 billion in assets under management, has created four cryptocurrency indices in the United States and Europe to provide diversified portfolio exposure to investors.
It has been reported that the move comes in collaboration with Ritholtz Wealth Management, OnRamp, and Gemini. WisdomTree will launch the RWM WisdomTree Crypto Index in the United States. And in Europe, WisdomTree is advancing the WisdomTree Crypto Mega Cap Equal Weight (MEGA), WisdomTree Crypto Market (BLOC), and WisdomTree Crypto Altcoins (WALT) indices.
However, the RWM WisdomTree Crypto Index will focus on crypto assets, layer one networks, layer two protocols, oracle networks, and decentralized finance protocols, among others. But it will have a heavy emphasis on layer one networks, with 64% of the fund's assets going into this category.
The report said that MEGA will act as an equal weight index for large-cap cryptocurrencies like Bitcoin (BTC) and Ether (ETH). As for BLOC, it will track the performance of the top 70% of cryptos by market cap. Lastly, WALT is another equally-weighted index that seeks to track the performance of altcoins and thus, will not hold either BTC or ETH.
Alexis Marinof, the head of European Operations at WisdomTree, said:
“As interest in crypto assets remains high and becomes a bigger focus for investors, we will continue investing in our platform and capabilities to support investors in this fast-moving market.”
Thus, WisdomTree's application to list a Bitcoin spot ETF in the United States was rejected earlier this week after the Securities and Exchange Commission determined that the proposed fund failed to meet various regulatory requirements, including those found under the Exchange Act. The asset manager succeeded in listing several exchange-traded products in Europe.
Source: Cointelegraph