Bitwise, ane of the earth's largest cryptocurrency fund managers, has filed a new prospectus with the United States Securities and Exchange Commission, or SEC, to launch an substitution-traded fund for and then-called "crypto innovators."

The fund manager filed Class N-1A with the securities regulator on Feb. 5, where it outlined its intent to offer the Bitwise Crypto Innovators ETF. The proposed ETF volition track the performance of the Bitwise Crypto Innovators Index.

The proposed Index will be comprised primarily of companies that derive more than 75% of their revenue from the crypto sector or that accept more than 75% of their net assets held in cryptocurrency. The remainder includes large-cap companies that have a "dedicated business initiative" focused on crypto.

According to the prospectus, crypto innovators include digital trading platforms, custodians and wallets; financial service providers leveraging crypto assets or blockchain technology; fiscal institutions serving clients involved in the digital asset infinite; and blockchain infrastructure service providers.

The document states:

"The term "Crypto Innovators" generally refers to companies that service and transact in the segment of the economy dealing with crypto assets and distributed ledger technology."

Notably, the proposed ETF will non invest in crypto assets directly or through derivatives. The fund will likewise avoid whatsoever dealings with initial coin offerings.

For years, Bitwise has been at the forefront of the crypto ETF debate. In Jan 2020, the fund manager shelved its long-standing Bitcoin ETF awarding, following a similar motion from VanEck. At the time, Bitwise told Cointelegraph that information technology plans to re-file the awarding "at an appropriate time."

That time could exist approaching as more institutions hop on board the Bitcoin bandwagon. The digital asset has been in rally fashion for months thanks to a new wave of corporate and institutional buyers. On Monday, Tesla confirmed that it had allocated a large portion of its balance sail to BTC, becoming mayhap the most high-profile buyer in history.