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Uplisted to NYSE: Bitwise's first and largest crypto index fund, the Bitwise 10 Crypto Index ETF (BITW), has been officially listed on the NYSE Arca exchange.
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Change in Structure: This means BITW is now an Exchange-Traded Product (ETP), moving from its previous structure as a closed-end trust traded over-the-counter (OTC).
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The Largest Index Fund: BITW is the world's largest crypto index fund, managing $1.25 billion in assets.
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Portfolio Breakdown: The fund holds a basket of the top 10 crypto assets, with Bitcoin making up about 75% and Ether about 15% of its holdings.
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Simplified Investment: The move makes it easier for traditional investors to gain diversified exposure to the crypto market through a major stock exchange.
Largest Crypto Index Fund Hits the Big Board
Bitwise has had its flagship crypto index fund, the Bitwise 10 Crypto Index ETF (ticker BITW), uplisted to the New York Stock Exchange Arca. This makes it the first crypto index fund to trade on that specific exchange. The fund is the largest crypto index fund in the world, boasting $1.25 billion in assets under management. The listing represents the culmination of a journey that began in a small office in 2017.
New and Improved Structure
The move to NYSE Arca changes BITW from its previous format as a closed-end trust traded over-the-counter (OTC) into a more efficient Exchange-Traded Product (ETP). NYSE Arca is a fully electronic stock exchange and a major hub for ETP listings. This new structure supports tighter tracking of the fund's Net Asset Value (NAV) via the ETP redemption process, making it more appealing and accessible to traditional finance investors through standard brokerage accounts.
How the Fund Works
BITW holds a single basket of 10 leading crypto assets, ranked by market capitalization. The underlying Bitwise 10 Large Cap Crypto Index is designed to navigate the unique risks of the asset class by applying screening rules that factor in liquidity, security, and compliance. For example, the fund's methodology successfully kept assets with fundamental concerns, like LUNA in 2022, out of the index. Currently, the fund is heavily weighted towards the largest assets, with Bitcoin making up about 75% of the holdings and Ether around 15%. This index-based approach is expected to be highly popular as investors seek a "diversified, shotgun approach" to an emerging asset class.
