Company Cyber Hornet Files for S&P Crypto 10 ETF (CTX), Mr. Eric Balchunas Flags a Bitcoin-Dominant Basket

Company Cyber Hornet has officially filed registration paperwork for the S&P Crypto 10 ETF (CTX) with the U.S. Securities and Exchange Commission. According to statements and market commentary, the CTX index aims to deliver diversified exposure to the top 10 cryptocurrencies by market capitalization drawn from the S&P Cryptocurrency Broad Digital Asset Index. This filing signals a renewed push by ETF issuers to package multi-asset, spot-backed crypto exposure for investors.

Mr. Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted that the CTX basket is heavily biased toward Bitcoin, allocating roughly 69% to BTC and 14% to Ethereum. Other allocations include XRP (5%), Binance Coin (4%), Solana (2%), TRON (1%), Cardano (0.5%), Bitcoin Cash (0.4%), Chainlink (0.3%) and Stellar (0.2%). The composition and weightings emphasize Bitcoin dominance within the proposed S&P-linked basket and may shape investor expectations for multi-asset spot products.

From an investment standpoint, the proposed CTX product offers a different risk profile compared with single-asset spot ETFs. By holding a basket of leading tokens, the ETF intends to spread idiosyncratic risk across components: underperformance in a single token may be offset by gains in others. Yet because BTC represents the majority weight, the vehicle remains Bitcoin-centric in its return drivers and volatility exposure.

Market context is crucial: Bitcoin currently commands a market capitalization exceeding $1.5 trillion, while Ethereum stands at roughly $356 billion. Reported market-share metrics put BTC dominance at about 59% and ETH at 11%, with the remainder of tokens comprising the remaining ~29% of the market. As of the relevant publication window, BTC traded near $89,449 and was down roughly 5.97% on the weekly chart; ETH traded near $2,953 and was down approximately 10.24%.

Industry watchers point to existing spot ETF leaders as comparators. Company BlackRock's iShares Bitcoin Trust (IBIT) remains one of the largest spot BTC ETFs, with substantial net assets; Company Fidelity and Company Grayscale also feature in the competitive landscape. For Ethereum and alternative exposures, notable ETFs include Company VanEck's Ethereum fund and products such as the REX Osprey SOL plus Stacking ETF for Solana. According to on-chain aggregation and market trackers like Company SoSoValue, spot ETFs tracking BTC hold well over a million BTC in the aggregate, representing a material share of circulating supply.

Analysts like Mr. Eric Balchunas suggest the filing should be read as part of an intensifying race among issuers to secure market share in diversified, spot-backed crypto baskets. Competition for basket ETFs is heating up, and an S&P-linked spot basket could bring additional legitimacy and broad distribution to multi-asset crypto exposure if approved.

For investors, the CTX filing underscores two core considerations: first, product design matters — weightings and rebalancing rules will determine how much returns correlate to Bitcoin vs. other tokens; second, regulatory acceptance and operational custody of multiple tokens remain central to execution and tracking error. Spot ETFs typically aim for direct, low-deviation exposure by holding underlying tokens, as noted in reporting by Company Cryptopolitan.

Bottom line: The CTX filing by Company Cyber Hornet could mark a pivotal step toward S&P-linked, spot-backed crypto baskets. Investors and advisers should watch the SEC review, the final weighting rules, custody arrangements, and expense structure to evaluate whether CTX provides efficient diversification or primarily functions as a Bitcoin-weighted vehicle.