- WisdomTree has registered its CoinDesk 20 Fund in Delaware, aiming to provide institutional investors exposure to the top 20 cryptocurrencies, including XRP, Solana, Cardano, Chainlink, Sui, and Hedera Hashgraph.
- The filing, which follows the SEC’s new streamlined listing standards, sparked a brief price jump in XRP, SOL, and ADA despite broader market pressures.
The move comes at a pivotal moment for the crypto industry, just a week after the U.S. Securities and Exchange Commission (SEC) adopted new generic listing standards for crypto funds.
These updated rules streamline the approval process for crypto exchange-traded products (ETPs) by eliminating the cumbersome 19b-4 filing requirement, enabling funds like WisdomTree’s to potentially gain approval within 75 days.
A Pivotal Shift for Crypto Funds
The CoinDesk 20 Fund will give conservative and institutional investors exposure to a diverse basket of digital assets beyond Bitcoin and Ethereum. Alongside blue-chip tokens such as BTC and ETH, the inclusion of altcoins like XRP, SOL, ADA, LINK, SUI, and HBAR signals growing confidence in the long-term viability of these projects.
An S-1 filing with the SEC is expected in the coming days, which could set the stage for stock exchanges to directly file to list and trade the fund under the new framework. According to Bloomberg ETF analyst Eric Balchunas, the generic listing standards are likely to trigger “a flood of crypto ETF and ETP filings” in the months ahead.
Despite progress, the SEC has yet to approve any ETF that tracks the spot prices of altcoins under the Securities Act of 1933. Instead, firms like REX-Osprey and Tuttle have pursued registration under the Investment Company Act of 1940, recently achieving strong debuts with XRP and Dogecoin-based ETFs that attracted heavy investor demand.
Market Reaction: XRP, Solana, and Cardano See Uptick
News of WisdomTree’s filing sparked a modest rally in select altcoins, with XRP, Solana, and Cardano prices climbing about 2% within an hour of the announcement.
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XRP rose to $2.85, bouncing back from intraday lows of $2.78, with trading volumes spiking 94% in the past 24 hours.
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Solana (SOL) is trading at $216, down 7% overall amid broader market pressures, but showing signs of intraday recovery from a low of $212.80.
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Cardano (ADA), currently priced at $0.822, experienced a buy-the-dip response from traders despite still being 4% lower over the past 24 hours.
The broader market, meanwhile, has been under pressure due to macroeconomic concerns, rumors of a Bybit hack, and looming monthly option expiries, leading to nearly $2 billion in liquidations on Monday.
WisdomTree’s latest move represents another milestone in the mainstream adoption of crypto as an asset class. By packaging the top 20 digital assets into a regulated fund, the firm is positioning itself to attract a wider range of investors seeking diversified exposure to the crypto market.
If approved, the CoinDesk 20 Fund could accelerate momentum for multi-asset crypto ETFs in the U.S. and mark a significant shift in how investors engage with the digital economy.
