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. Having already launched funds tracking the largest cryptocurrencies, such as Bitcoin and XRP, the asset manager has turned its attention to several altcoins.
No Cardano in New Filing
The new application was for 11 altcoins, providing investors with diverse options. Specifically, the filing covered cryptocurrencies like Tron (TRX), Ethena (ENA), Zcash (ZEC), AAVE, Hyperliquid (HYPE), and SUI. Others include Bittensor (TAO), Uniswap (UNI), NEAR, Canton (CC), and Starknet (STRK).
However, a major crypto asset, Cardano, was not on the list. Top Cardano-focused trading platform TapTools first highlighted this omission in a recent X post, eliciting reactions from the broader cryptocurrency community.
Bitwise has filed ETFs for 11 different altcoins.
No Cardano.Thoughts? pic.twitter.com/6v2Ct2V8bf
— TapTools (@TapTools) December 31, 2025
Notably, this is worth highlighting because sentiments are emerging that Bitwise seems to be snubbing Cardano for even lower-ranked assets. The asset manager offers products tracking Bitcoin, Ethereum, XRP, and Solana, but has skipped the 10th largest digital asset by market cap in favor of less valuable cryptocurrencies.
The only funds that offer Bitwise clients exposure to Cardano are the Bitwise 10 Crypto Index ETF (BITW) and the Bitwise physical Cardano ETP in Europe. The former is an NYSE Arca-traded investment product that tracks the top 10 cryptocurrencies by market cap. However, ADA only has a meager 0.52% weight in the fund, largely centered around Bitcoin (75%) and Ethereum (15%).
Community Reactions
“The Crypto Cartel doesn’t want Cardano to win because it’s actually decentralized,” a reaction claimed. The user also noted that this was why USDC and Chainlink are staying away, and that the top exchange, Coinbase, did not list the Cardano-native Midnight (NIGHT) token.
Some others supported this sentiment, stating that Cardano was a threat. Meanwhile, another reaction insisted this was not important, as ADA would ultimately see more ETF applications focused on giving investors access to the asset.
However, some pointed out that the omission was due to Cardano’s lack of demand. Others called the move “smart,” expressing concerns over the token’s use case and high fees.
Bitwise “Strategy” ETF Details
Meanwhile, Bitwise disclosed that the funds will trade in the NYSE Arca, offering both direct and indirect exposure to the aforementioned coins. The asset manager will allocate 60% of the product’s assets under management to buying the underlying coins, with 40% assigned to other ETFs and derivative products.
The incessant launch of crypto-related products aligns with Bitwise’s bullish stance on the sector’s progression. Recently, Biwise CIO Matt Hougan predicted that Bitcoin would reach new all-time highs in 2026, defying its historical four-year cycle.
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