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NYSE Arca has submitted a filing to list the $1.3 billion Bitwise 10 Crypto Index Fund, aiming to convert it into an exchange-traded product.
NYSE Group’s NYSE Arca has filed to list the $1.3 billion Bitwise 10 Crypto Index Fund, marking a major step in Bitwise Asset Management’s effort to transition the fund to an exchange-traded product.
In a Nov. 15 blog announcement, the asset management firm said the conversion to an ETP would introduce ongoing subscriptions and redemptions at Net Asset Value, a mechanism designed to align secondary market prices more closely 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 to target broader Bitcoin access
Launched in 2017, BITW provides exposure to the 10 largest cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), weighted by market capitalization. As of Oct. 31, the fund’s holdings were led by Bitcoin at 75.1% and Ethereum at 16.5%.
Bitwise says the filing with NYSE Arca represents the next phase in its strategy to broaden institutional and retail participation in crypto markets. Matt Hougan, Bitwise’s chief investment officer says BITW “opened up new possibilities as the first fund to provide a broad, index-based approach to crypto markets.”
The filing comes just a few weeks after Hougan emphasized Bitcoin’s bullish trajectory, noting in a social media post that the asset is on track to surpass $100,000 per BTC.
This article first appeared at crypto.news
