Cyber Hornet files for S&P Crypto 10 ETF…spot-basket race heats up

Cyber Hornet has filed with the U.S. Securities and Exchange Commission (SEC) for a spot crypto ETF based on an S&P index.

Eric Balchunas, a Bloomberg ETF analyst, said on the 23rd (local time) via his X account that Cyber Hornet submitted registration documents to the SEC for the “Cyber Hornet S&P Crypto 10 ETF.” Balchunas assessed that the product “could be the first S&P-linked spot crypto basket ETF.”

According to the disclosed filing, the ETF is designed to track the S&P Crypto 10 Index. Its key holdings are Bitcoin 69%, Ethereum 14%, XRP 5%, Binance Coin (BNB) 4%, and Solana 2%. It also includes Tron 1%, Cardano 0.5%, Bitcoin Cash 0.4%, Chainlink 0.3%, and Stellar 0.2%.

Balchunas said “competition is heating up for leadership in crypto basket ETFs,” adding that spot ETFs that hold multiple cryptoassets at once are emerging as a new market trend. He said the market is gradually expanding from a structure centered on single-asset ETFs to more portfolio-type products.

Cyber Hornet’s ETF lists Cyber Hornet ETF LLC, established in the state of Delaware, as the issuer. However, SEC approval and the trading launch date have yet to be finalized.

The market is watching whether multi-asset crypto ETFs could emerge as the next competitive arena following approvals of spot Bitcoin and spot Ethereum ETFs. Some also predict that, depending on regulators’ judgment, the lineup of crypto ETF products could expand by another step.