NYSE Arca has filed to list the $1.3 billion Bitwise 10 Crypto Index Fund, aiming to convert it into an exchange-traded product (ETP).
NYSE Stand on Crypto Trust
The $1.3 billion Bitwise 10 Crypto Index Fund has been submitted for listing by NYSE Arca, a subsidiary of the NYSE Group. This represents a significant advancement in Bitwise Asset Management’s endeavor to convert the fund into an exchange-traded product.
In a blog post published on November 15, the asset management firm announced that the transition to an ETP would involve ongoing subscriptions and redemptions at Net Asset Value. This mechanism is intended to more closely align secondary market prices with the Fund’s underlying value.
“Bitwise believes that ETPs are among the most efficient, convenient, and useful vehicles for providing crypto exposure. We remain committed to converting BITW to an ETP.”
Bitwise CEO Hunter Horsley
Bitwise Intends to Expand its Bitcoin Accessibility
BITW, which was established in 2017, offers exposure to the ten largest cryptocurrencies, including Bitcoin and Ethereum (ETH), as ranked by market capitalization. Bitcoin and Ethereum comprised 75.1% and 16.5% of the fund’s assets, respectively, as of October 31.
Bitwise asserts that the filing with NYSE Arca is the subsequent phase of its strategy to increase institutional and retail participation in crypto markets. As the first fund to offer a comprehensive, index-based approach to crypto markets, BITW “opened up new possibilities,” according to Matt Hougan, Bitwise’s chief investment officer.
The filing was submitted mere weeks after Hougan underscored Bitcoin’s upward trajectory in a social media post, indicating that the asset is on course to transcend $100,000 per BTC.
