Bitwise to Transform Crypto Index Fund into ETP on NYSE Arca

Bitwise Asset Management has revealed that the Bitwise 10 Crypto Index Fund (BITW) is set to transition into an exchange-traded product (ETP) after NYSE Arca filed for the listing.

This move will bring the fund, which currently operates on the OTCQX Best Market, closer to its goal of offering a more efficient way for investors to gain exposure to cryptocurrency.

Hunter Horsley, CEO of Bitwise, emphasized that ETPs are an optimal means for providing crypto exposure, highlighting the numerous advantages the transition will bring, including better regulatory protections, more liquidity, and a mechanism for arbitrage. These changes are expected to align the fund’s trading price more closely with its Net Asset Value (NAV), providing investors with improved access.

Matt Hougan, Bitwise’s Chief Investment Officer, pointed out that since its inception in 2017, the company has been focused on simplifying crypto investment opportunities. BITW was the first fund to offer a comprehensive index of the top 10 crypto assets, and it continues to lead in this space.

Originally launched in November 2017, BITW tracks the ten largest cryptocurrencies by market capitalization, with its holdings predominantly consisting of Bitcoin and Ethereum.

As of October 31, 2024, the fund’s portfolio includes a variety of assets such as Solana, XRP, and Cardano. It became a publicly traded entity in December 2020 and registered with the SEC in April 2021.