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Cyber Hornet has filed with the Securities and Exchange Commission to launch the S&P crypto 10 ETF, a spot basket product that would track the top 10 cryptocurrencies by market capitalization and could become the first exchange-traded fund directly linked to an S&P digital asset index.
The proposed fund allocates 69% to bitcoin and 14% to ether, with the remaining 17% spread across eight altcoins including XRP, Binance Coin, and Solana.
The filing positions Cyber Hornet at the center of a rapidly evolving market for multi-asset crypto exchange-traded funds. The S&P Crypto 10 ETF is designed to track the S&P Cryptocurrency Broad Digital Asset Index, offering exposure to the top 10 cryptocurrencies by market capitalization rather than a single-token strategy.
According to details in the filing, the index is heavily weighted toward Bitcoin and Ethereum, reflecting their dominance in the broader crypto market. Bitcoin accounts for 69% of the basket, while Ethereum represents 14%.
The remaining exposure is spread across several major altcoins, including XRP at 5%, Binance Coin at 4%, Solana at 2%, TRON at 1%, Cardano at 0.5%, Bitcoin Cash at 0.4%, Chainlink at 0.3%, and Stellar at 0.2%.
This allocation underscores the ETF’s Bitcoin-centric design, while still allowing for measured diversification. By holding multiple digital assets, the structure aims to reduce single-asset risk and appeal to investors seeking broad market exposure within a regulated investment vehicle.
The approach aligns with a growing preference for basket-style products that mirror how traditional equity indices distribute risk.
Market analysts see the filing as a potential milestone in the evolution of spot crypto ETFs. Bloomberg Senior ETF Analyst Eric Balchunas highlighted the significance of the move, suggesting it could mark a first for S&P-linked crypto products.
“Cyber Hornet filing for the S&P Crypto 10 ETF (CTX), which (I think) could be first S&P-linked spot basket,” — Eric Balchunas, Senior ETF Analyst, Bloomberg.
Balchunas also emphasized the broader competitive landscape forming around diversified crypto ETFs, adding, “THE RACE FOR CRYPTO BASKET ETF SUPREMACY IS HEATING UP.” — Eric Balchunas, Senior ETF Analyst, Bloomberg.
The proposed ETF arrives at a time when issuers are increasingly looking beyond single-asset products. While early approvals focused on Bitcoin-only spot ETFs, the next phase appears to be centered on multi-asset exposure that more closely resembles traditional index investing.
If approved, the S&P Crypto 10 ETF would set a precedent for other index-based crypto funds seeking regulatory clearance.
The weighting of the S&P Crypto 10 ETF reflects Bitcoin’s continued dominance across the digital asset market. Bitcoin currently commands a market capitalization exceeding $1.5 trillion, far outpacing Ethereum, which stands at roughly $356 billion.
Market dominance figures show Bitcoin at approximately 59%, followed by Ethereum at 11%, with all other cryptocurrencies collectively accounting for about 29%.
At the time of publication, Bitcoin was trading at $89,449, down 5.97% on the weekly chart, with a market cap of $1.79 trillion. Ethereum was trading at $2,953, reflecting a 10.24% weekly decline and a market capitalization of $356.4 billion. XRP, the third-largest token by market cap, stood at $1.91, down 7% on the week, with a total valuation of $116.5 billion.
Spot crypto ETFs are designed to closely track the real-time price of their underlying assets, offering more direct exposure than futures-based products.
As noted in a Cryptopolitan report referenced in the story, spot ETFs derive their value from holding the actual tokens, allowing price movements to mirror the underlying market with minimal deviation. This structure is a key reason investor interest continues to grow around products like the S&P Crypto 10 ETF.
The filing also comes as spot Bitcoin ETFs continue to attract significant capital. BlackRock’s iShares Bitcoin Trust (IBIT) currently leads the market, with total net assets of $69.75 billion. Fidelity’s Wise Origin Bitcoin Fund (FBTC) follows with $17.37 billion, while Grayscale’s Bitcoin Trust (GBTC) holds approximately $14.4 billion after experiencing substantial outflows.
Collectively, spot Bitcoin ETFs now hold about 1,502,560 BTC, representing roughly $134.5 billion in value and approximately 7% of Bitcoin’s total supply. IBIT alone has recorded cumulative net inflows of $62.9 billion, compared with $11.46 billion for FBTC. GBTC, by contrast, has seen about $25.5 billion in net withdrawals.
Beyond Bitcoin-focused products, Ethereum and Solana ETFs are also expanding investor options, with offerings such as VanEck’s Ethereum ETF and the REX Osprey Solana plus Staking ETF.
Against this backdrop, the S&P Crypto 10 ETF stands out for its multi-asset design, which aims to balance volatility by spreading exposure across several leading cryptocurrencies.
Investors continue to favor ETFs for their regulatory oversight, transparency, and ease of access through traditional stock exchanges. If approved, the S&P Crypto 10 ETF could further accelerate the shift toward diversified, index-based crypto investing in regulated markets.
