Bitwise Plans to Convert its Crypto Trust to ETP
NYSE Arca, a subsidiary of NYSE Group, has filed to list the $1.3 billion Bitwise 10 Crypto Index Fund. This significant step marks a key milestone in Bitwise Asset Management’s efforts to transition the fund into an exchange-traded product (ETP).
By converting to an ETP, the fund would introduce ongoing subscriptions and redemptions at net asset value, aiming to align secondary market prices more closely with the fund’s underlying value.
Bitwise CEO Hunter Horsley emphasized the company’s belief in ETPs as the most efficient and convenient vehicle for providing crypto exposure. The firm remains committed to converting BITW into an ETP, which would offer investors a more streamlined and regulated way to invest in a diversified portfolio of cryptocurrencies.
Launched in 2017, BITW provides exposure to the 10 largest cryptocurrencies, with Bitcoin and Ethereum as the primary holdings, accounting for 75.1% and 16.5% of the fund’s assets, respectively, as of October 31st.
