Wu said that Bitwise Asset Management announced today that NYSE Arca has submitted an application to convert its Bitwise 10 Crypto Index Fund (BITW) into an exchange-traded product (ETP). The application is intended to convert the $1.3 billion publicly traded trust currently traded on the OTCQX market into an ETP structure. The ETP structure is expected to enhance shareholder efficiency and regulatory protection, and improve the fund's trading efficiency in the secondary market through the net asset value (NAV) mechanism.