WisdomTree has taken a significant step toward cryptoasset-based institutional products by formalizing its CoinDesk 20 Fund in Delaware. The fund will cover the top 20 cryptocurrencies ranked by market capitalization and liquidity.
Delaware registration completed
Delaware, known for its business-friendly laws, has long been a preferred destination for investment funds. WisdomTree's fund registration here is not only an administrative step; it is also a strategic move to boost investor confidence. This step will make the fund more attractive to potential investors and could have positive repercussions on the market. Fund inflows are particularly likely for leading cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano. The 20 cryptocurrencies to be included in the fund are: Bitcoin, Ethereum, XRP, Solana, Cardano, Chainlink, Sui, Hedera Hashgraph, Avalanche, Stellar, Bitcoin Cash, Litecoin, Uniswap, Aptos, Near, Internet Computer, Polkadot, Aave, Polygon, and Filecoin. This list brings together the projects with the highest trading volume in the crypto market. It is expected to offer investors a diversified portfolio without having to buy individually.
SEC approval remains uncertain
However, approval from the U.S. Securities and Exchange Commission (SEC) is still uncertain. WisdomTree has filed a separate ETF application for XRP. While the preliminary approval process was completed in February, the final decision has been postponed until October 25, 2025. This indicates that the U.S. crypto ETF market is still being shaped by regulations.
The SEC's recently implemented "generic listing standards" could accelerate the process. These new standards allow for the direct listing of funds or stocks within 75 days. However, the application for the CoinDesk 20 Fund is not an ETF filing. It should be considered more of a legal and administrative groundwork. The actual ETF will require an S-1 filing with the SEC and direct approval.
Possible Market Impact
WisdomTree's move is particularly noteworthy for institutional investors. The fund's launch could make cryptocurrencies accessible to a broader investor base. Furthermore, increased demand for the top 20 cryptocurrencies by market capitalization could trigger a price recovery. This impact may be limited in the short term, but it is likely to strengthen the position of crypto assets in the financial system in the long run.
