Key Points
- NYSE Arca has filed to list the $1.3 billion Bitwise 10 Crypto Index Fund as an exchange-traded product.
- Bitwise aims to provide broader access to Bitcoin and other cryptocurrencies through this initiative.
NYSE Arca, a part of the NYSE Group, has submitted a filing to list the Bitwise 10 Crypto Index Fund, which is valued at $1.3 billion. This marks a significant move in Bitwise Asset Management’s plan to convert the fund into an exchange-traded product (ETP).
The asset management firm announced on November 15 that the transition to an ETP would introduce ongoing subscriptions and redemptions at Net Asset Value. This mechanism is designed to align secondary market prices more closely with the underlying value of the fund.
Bitwise’s Commitment to Crypto Exposure
Hunter Horsley, the CEO of Bitwise, stated that the company believes ETPs are among the most efficient and convenient vehicles for providing crypto exposure. He reaffirmed the company’s commitment to converting BITW into an ETP.
Expanding Access to Bitcoin
The BITW, which was launched in 2017, provides exposure to the 10 largest cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), based on market capitalization. As of October 31, the fund’s holdings were led by Bitcoin at 75.1% and Ethereum at 16.5%.
Bitwise’s filing with NYSE Arca is the next step in its strategy to increase institutional and retail participation in crypto markets. Matt Hougan, Bitwise’s chief investment officer, stated that BITW has opened up new possibilities as the first fund to provide a broad, index-based approach to crypto markets.
This move comes weeks after Hougan highlighted Bitcoin’s bullish trajectory. He noted in a social media post that the asset is on track to surpass $100,000 per BTC.
