Bitwise Asset Management, a cryptocurrency index fund provider, has applied for a new bitcoin-backed exchange-traded fund (ETF). The application, submitted with the US Securities and Exchange Commission (SEC), outlines the company’s proposal. For the benefit of those not in the know, an ETF is essentially a marketable security designed to track a specific stock index, a commodity bond or asset. Another thing to note is that an ETF’s price will vary throughout the day as they are purchased and sold. In this instance, Bitwise’s ETF would be used to track the Bitwise Bitcoin Total Return Index. According to a Bitwise-issued statement,…

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