NYSE Arca seeks approval for listing of Bitwise Crypto Index ETP with the SEC

NYSE Arca filed on November 15 with the U.S. Securities and Exchange Commission (SEC) to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This initiative from Bitwise Asset Management allows investors to easily invest in a basket of ten leading cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP and Cardano.

Diversified crypto exposure

As of October 31, 2024, the fund’s portfolio consists mainly of Bitcoin (75.1%) and Ethereum (16.5%), with smaller positions in Solana (4.3%) and XRP (1.6%), among others. The remaining cryptocurrencies each represent less than 1% of the holdings, providing diversified crypto exposure.

Bitwise CEO Hunter Horsley emphasizes that the ETP structure is an “efficient and convenient means” to offer investors access to the crypto market. He points out the benefits of ETPs, such as legal protection and increased shareholder efficiency, and emphasizes that Bitwise is fully committed to the fund’s transition to an ETP. As an ETP, the fund would accept subscriptions and redemptions on a rolling basis, keeping it more closely linked to net asset value (NAV).

Transformation of current trust

With this filing, Bitwise takes another step toward transforming its current $1.3 billion trust into an ETP structure. Bloomberg analyst Eric Balchunas calls this move “logical” in light of expected changes at the SEC, but emphasizes that approval is not a certainty.

This filing follows a recent application by NYSE Arca to also list the Grayscale Digital Large Cap Fund as an ETP, which offers investors access to a wide range of cryptocurrencies such as Bitcoin, Ether and Solana.

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