Bitwise Asset Administration introduced that NYSE Arca has filed to checklist the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product.
The $1.3 billion publicly traded belief at the moment trades on the OTCQX Greatest Market.
“Bitwise believes that ETPs are among the many most effective, handy, and helpful autos for offering crypto publicity,” mentioned Bitwise CEO Hunter Horsley. “We stay dedicated to changing BITW to an ETP.”
The conversion to an ETP construction gives important advantages for shareholders, together with improved effectivity, regulatory protections, and an arbitrage mechanism.
This can permit the fund to commerce extra intently to its Web Asset Worth (NAV), providing extra liquidity for buyers.
Matt Hougan, Bitwise Chief Funding Officer, said that since its founding in 2017, Bitwise has aimed to supply buyers with simple publicity to the groundbreaking potential of crypto.
He additional defined that BITW opened up new prospects as the primary fund to supply a broad, index-based strategy to the crypto markets, and it continues to guide in its class.
Launched in November 2017, BITW was the primary crypto index fund, and it tracks the ten largest crypto property by market capitalization.
The fund turned publicly traded on OTCQX in December 2020 and registered as an SEC reporting firm in April 2021.
As of October 31, 2024, the fund’s holdings embrace Bitcoin at 75.1%, Ethereum at 16.5%, Solana at 4.3%, XRP at 1.6%, Cardano at 0.7%, Avalanche at 0.6%, Bitcoin Money at 0.4%, Chainlink at 0.4%, Uniswap at 0.3%, and Polkadot at 0.3%.
