According to PANews, asset management firm Bitwise has announced that the New York Stock Exchange Arca has filed a Form 19b-4 to list the Bitwise 10 Crypto Index Fund (BITW) as an Exchange-Traded Product (ETP). This move is part of Bitwise's ongoing efforts to convert its $1.3 billion publicly traded trust into an ETP structure. Currently, BITW shares are traded on the OTCQX Best Market.
Bitwise highlights that the ETP structure offers several advantages for shareholders, including increased efficiency and regulatory protection. Notably, ETPs allow for continuous subscriptions and redemptions at net asset value (NAV), creating an arbitrage mechanism that enables the fund to trade more closely in line with its NAV on the secondary market.
The Bitwise 10 Crypto Index Fund holds the ten largest cryptocurrency assets, ranked and weighted by market capitalization. As of October 31, 2024, the fund's holdings include Bitcoin (75.1%), Ethereum (16.5%), Solana (4.3%), XRP (1.6%), Cardano (0.7%), Avalanche (0.6%), Bitcoin Cash (0.4%), Chainlink (0.4%), Uniswap (0.3%), and Polkadot (0.3%).
