Bitwise Asset Management has revealed that NYSE Arca has applied to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). If approved, the listing could improve liquidity and efficiency for investors seeking exposure to the cryptocurrency market.
BITW is the largest cryptocurrency index fund, managing approximately $1.3 billion in assets. It provides diversified exposure to the digital asset sector, with significant allocations to major cryptocurrencies such as Bitcoin, Ethereum, and Solana.
Transition to an ETP structure could enhance market access
Bitwise’s plan to convert BITW into an ETP would allow the fund to offer continuous subscriptions and redemptions at its net asset value (NAV). This change could enable trading closer to NAV in secondary markets, enhancing liquidity and pricing efficiency. Bitwise CEO Hunter Horsley expressed the company’s commitment to transitioning BITW into an ETP, noting the advantages of ETPs in simplifying crypto investments for a broader audience.
Since its launch in 2017, the Bitwise 10 Crypto Index Fund has aimed to expose investors to leading digital assets. The fund’s portfolio includes Bitcoin at 75.1%, Ethereum at 16.5%, Solana at 4.3%, and smaller holdings in other prominent cryptocurrencies such as XRP, Cardano, and Avalanche.
NYSE Arca listing reflects a growth strategy
Currently trading on the OTCQX Best Market, BITW’s anticipated listing on NYSE Arca is part of Bitwise’s strategy to expand access to regulated cryptocurrency investment products. As of October 31, 2024, the fund has grown to manage $1.3 billion in assets, driven by increasing demand for diversified and regulated crypto exposure.
Matt Hougan, Chief Investment Officer at Bitwise, emphasized the fund’s position as a pioneer in offering an index-based approach to cryptocurrency investing. He added that BITW’s performance and design continue to make it a leading solution for investors seeking broad exposure to digital assets.
Bitwise expands offerings with attestant acquisition
In addition to its ETP filing, Bitwise recently acquired Attestant Limited, a prominent Ethereum staking provider. This acquisition enhances Bitwise’s product lineup by introducing Ethereum staking services, catering to institutional clients seeking blockchain-based opportunities.
With this move, Bitwise’s total assets under management have surpassed $10 billion, encompassing exchange-traded products, private funds, and hedge fund solutions. The addition of staking services aligns with the company’s goal of providing comprehensive investment options for institutional and retail investors. Bitwise’s progress underscores its commitment to offering innovative and accessible solutions for cryptocurrency investing.