Bitwise Asset Management announced that NYSE Arca has applied to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This move could benefit investors by offering greater liquidity and efficiency if approved.
BITW, which is currently the largest cryptocurrency index fund, manages approximately $1.3 billion in assets and seeks to provide investors with diversified exposure to the digital asset space.
Bitwise CEO Hunter Horsley commented on this, saying:
“Bitwise believes ETPs are among the most efficient, convenient, and useful vehicles for crypto exposure. We remain committed to converting BITW to an ETP.”
~Hunter Horsley
Bitwise’s transition to an ETP aims to align trading with NAV
The conversion to an ETP structure allows for continuous subscriptions and redemptions at the fund’s net asset value (NAV), which helps the fund trade closer to its NAV in secondary markets. This could lead to improved liquidity, enhanced efficiency, and greater regulatory protections for shareholders, making it more appealing to a diverse range of investors.
Since its inception in November 2017, the Bitwise 10 Crypto Index Fund has offered investors broad exposure to top-performing crypto assets, including Bitcoin (75.1%), Ethereum (16.5%), and Solana (4.3%), along with smaller holdings in XRP, Cardano, and Avalanche.
Matt Hougan, Bitwise’s Chief Investment Officer, notes that BITW opened up new possibilities as the first fund to offer a broad, index-based approach to the crypto markets, and it continues to lead in its class.
Bitwise advances NYSE Arca listing plans, acquires Attestant
As of October 31, 2024, the Bitwise 10 Crypto Index Fund managed approximately $1.3 billion in assets and was traded on the OTCQX Best Market. The anticipated NYSE Arca listing is the next step in Bitwise’s strategy to expand access to regulated crypto investment products.
In addition, Bitwise recently announced the acquisition of Attestant Limited, a leading Ethereum staking provider. This acquisition will help expand Bitwise’s product offerings, which include exchange-traded products, private funds, and hedge fund solutions. The acquisition boosts Bitwise’s assets under management to over $10 billion, while the addition of new Ethereum staking services broadens options for institutional investors seeking exposure to blockchain-based assets.
