- ProShares filed for a CoinDesk 20 ETF offering exposure to top crypto assets like BTC and ETH.
- The ETF uses swaps and derivatives to mirror major coins without direct crypto holdings.
- Approval would make it one of the first diversified crypto ETFs in U.S. regulated markets.
ProShares has filed a new application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) created to track the CoinDesk 20 Index. The proposed fund, named the ProShares CoinDesk Crypto 20 ETF, aims to provide exposure to major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL), in line with growing institutional interest in regulated and diversified digital asset products.
According to the SEC filing, the ETF will replicate the performance of the CoinDesk 20 Index before fees and expenses. The index measures the performance of the 20 largest cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and wrapped tokens.
Assets such as Bitcoin, Ethereum, XRP, and Solana dominate the index due to their liquidity and large market size. Other listed coins include Cardano (ADA) and Avalanche (AVAX), which round out the broader composition of the benchmark.
ProShares stated that the ETF will not directly hold cryptocurrencies. Instead, it will gain exposure through swaps, derivatives, and other financial instruments tied to the index’s constituents. The filing also mentions that the fund intends to utilize a Cayman Islands subsidiary to execute certain derivative contracts, though this allocation will be capped at 25% of total assets.
Institutional Demand and Industry Context
The filing follows a rise in institutional demand for diversified crypto investment vehicles. ProShares, known for launching the first U.S. Bitcoin futures ETF in 2021, continues to expand its presence in the digital asset market. The new product aligns with broader efforts by fund managers to offer crypto exposure through regulated channels.
Similar developments have emerged across the sector. VanEck recently updated its Solana ETF filing, reducing its management fees to 0.3%, while 21Shares has modified its application for a spot Dogecoin ETF. Additionally, REX–Osprey has submitted filings for ETFs linked to various altcoins, including ADA, XLM, and SUI.
If approved, the ProShares CoinDesk Crypto 20 ETF would be among the first diversified crypto ETFs available in the United States. The fund would provide institutional and retail investors with streamlined access to multiple digital assets within a single regulated investment structure, marking another step toward broader cryptocurrency market integration within traditional finance.
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About the Author: Peter Mwangi
