#Bitwise Asset Management announced that NYSE Arca has applied to include the Bitwise 10 Crypto Index (BITW) fund in the list of #exchange -traded products.
The publicly traded trust fund worth $1.3 billion is currently listed on the OTCQX Best Market exchange.
"Bitwise believes that ETP is one of the most effective, convenient and useful tools for investing in cryptocurrency,— said Bitwise CEO Hunter Horsley. "We continue to strive to transform BITW into an ETP."
The transition to an ETP structure provides shareholders with significant benefits, including increased efficiency, protection from regulatory requirements and an arbitration mechanism.
This will allow the fund to more accurately match its net asset value (NAV), providing investors with greater liquidity.
Matt Hougan, Bitwise's chief investment officer, stated that since its founding in 2017, Bitwise has sought to provide investors with access to the revolutionary potential of cryptocurrencies.
He further explained that BITW has opened up new opportunities by becoming the first fund to offer a broad index approach to the cryptocurrency markets, and continues to lead its class.
BITW, launched in November 2017, became the first crypto index fund tracking the 10 largest crypto assets by market capitalization.
The fund became publicly traded on OTCQX in December 2020 and registered as an SEC reporting company in April 2021.
As of October 31, 2024, 75.1% of the fund's assets are Bitcoin, 16.5% — Ethereum, 4.3% — Solana, 1.6% — $XRP
, 0.7% — Cardano, 0.6% — Avalanche, 0.4% — Bitcoin Cash, 0.4% — Chainlink, 0.3% on Uniswap and 0.3% on Polkadot.