Bitwise files to convert its 10 Crypto Index Fund into an ETP

Key Takeaways

Bitwise plans to convert its Bitwise 10 Crypto Index Fund into an exchange-traded product.
The Bitwise 10 Crypto Index Fund includes major assets like Bitcoin, Ethereum, and Solana.

Bitwise Asset Management announced that NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product.

The $1.3 billion publicly traded trust currently trades on the OTCQX Best Market.

“Bitwise believes that ETPs are among the most efficient, convenient, and useful vehicles for providing crypto exposure,” said Bitwise CEO Hunter Horsley. “We remain committed to converting BITW to an ETP.”

The conversion to an ETP structure offers significant benefits for shareholders, including improved efficiency, regulatory protections, and an arbitrage mechanism.

This will allow the fund to trade more closely to its Net Asset Value (NAV), offering more liquidity for investors.

Matt Hougan, Bitwise Chief Investment Officer, stated that since its founding in 2017, Bitwise has aimed to provide investors with easy exposure to the groundbreaking potential of crypto.

He further explained that BITW opened up new possibilities as the first fund to offer a broad, index-based approach to the crypto markets, and it continues to lead in its class.

Launched in November 2017, BITW was the first crypto index fund, and it tracks the 10 largest crypto assets by market capitalization.

The fund became publicly traded on OTCQX in December 2020 and registered as an SEC reporting company in April 2021.

As of October 31, 2024, the fund’s holdings include 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 Cash at 0.4%, Chainlink at 0.4%, Uniswap at 0.3%, and Polkadot at 0.3%.