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Bitwise Asset Management announced today that NYSE Arca has applied to list its Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP), making it the world’s first and largest crypto index fund offered as an ETF.
Currently listed on the OTCQX Best Market, BITW manages $1.3 billion in assets and represents Bitwise’s latest move to transition the fund to a more accessible ETF structure.
“ETFs offer investors an efficient and convenient way to gain crypto exposure,” said Bitwise CEO Hunter Horsley. “We are committed to evolving BITW into this structure.”
The ETF format can provide significant benefits to shareholders, including increased regulatory protections and trading efficiency. Unlike traditional funds, an ETF accepts subscriptions and redemptions based on its Net Asset Value (NAV), creating an arbitrage mechanism that allows trading in secondary markets at a price closer to NAV.
Bitwise’s Chief Investment Officer Matt Hougan touted the fund’s mission to simplify crypto investing for the broader public. “BITW was the first fund to offer a broad, index-based approach to the crypto market. As a leader in its class, we are excited about this next chapter,” he said.
The Bitwise 10 Crypto Index Fund invests in the ten largest crypto assets ranked by market capitalization and rebalanced monthly to reflect market changes.
As of October 31, 2024, the fund's assets are as follows:
- Bitcoin: 75.1%
- Ethereum: 16.5%
- Fading: 4.3%
- XRP: 1.6%
- Cardano: 0.7%
- Avalanche: 0.6%
- Bitcoin Cash: 0.4%
- Chainlink 0.4%
- Uniswap 0.3%
- Polkadot: 0.3%
*This is not investment advice.