Bitwise to Launch a Crypto Index ETP

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Bitwise Asset Management has announced that NYSE Arca has filed a Form 19b-4 to uplist the $1.3 billion Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP).

This move aligns with a growing trend among crypto asset managers to convert their investment vehicles into exchange-traded structures.

Bitwise CEO Hunter Horsley expressed the company’s belief in ETPs as the most efficient and user-friendly way to provide crypto exposure. The firm remains committed to converting BITW into an ETP, aiming to enhance its efficiency and regulatory protections.

Launched in November 2017, BITW is the world’s first crypto index fund. It offers investors exposure to a diversified portfolio of digital assets, including Bitcoin (74.8%), Ethereum (16.2%), Solana (4.4%), and other smaller cryptocurrencies like XRP, Cardano, and Avalanche.

By converting to an ETP, BITW would benefit from a more efficient structure, allowing for continuous subscription and redemption at net asset value. This would help the fund trade more closely to its underlying value.