According to Techub News, asset management company Bitwise announced that New York Stock Exchange Arca has submitted a 19b-4 form to apply for the listing of the crypto index fund Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This application is the latest move in Bitwise's ongoing efforts to convert a $1.3 billion publicly traded trust into an ETP structure. BITW's shares are currently traded on the OTCQX Best Market.
According to Bitwise, the ETP structure provides shareholders with a number of benefits, including greater efficiency and regulatory protection. Notably, ETPs are continuously subscribed and redeemed at net asset value (NAV), creating an arbitrage mechanism that enables funds to trade on the secondary market at a more closely correlated level to their NAV.