Bitwise Asset Management announced today that NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This marks a significant milestone in Bitwise’s efforts to convert the $1.3 billion publicly traded trust, currently quoted on the OTCQX Best Market, to an ETP structure.
“Bitwise believes that ETPs are among the most efficient, convenient, and useful vehicles for providing crypto exposure,” said Hunter Horsley, CEO of Bitwise. “We remain committed to converting BITW to an ETP.”
The transition to an ETP structure offers several advantages for shareholders, including improved efficiency, enhanced regulatory protections, and a more robust arbitrage mechanism linking the fund’s trading price to its Net Asset Value (NAV). This mechanism allows for ongoing subscriptions and redemptions at NAV, promoting tighter price alignment.
“From Bitwise’s beginning in 2017, we’ve sought to give investors easy exposure to crypto’s groundbreaking potential,” added Matt Hougan, Chief Investment Officer at Bitwise. “BITW opened up new possibilities as the first fund to provide a broad, index-based approach to crypto markets, and it remains the leader in its class. We’re excited for the next phase of BITW’s development.”
The Bitwise 10 Crypto Index Fund tracks the 10 largest crypto assets by market capitalization, with monthly reconstitution and rebalancing to reflect market dynamics.
As of October 31, 2024, the fund’s holdings were:
- Bitcoin: 75.1%
- Ethereum: 16.5%
- Solana: 4.3%
- XRP: 1.6%
- Cardano: 0.7%
- Avalanche: 0.6%
- Bitcoin Cash: 0.4%
- Chainlink: 0.4%
- Uniswap: 0.3%
- Polkadot: 0.3%
