Bitwise Seeks to Convert $1.3B Crypto Trust to ETP on NYSE Arca

NYSE Arca has filed a proposal to list the $1.3 billion Bitwise 10 Crypto Index Fund (BITW), marking a significant step in Bitwise Asset Management’s plans to convert the fund into an exchange-traded product (ETP).

In a blog post on November 15, Bitwise announced that converting the fund to an ETP would allow for ongoing subscriptions and redemptions at net asset value (NAV), which is designed to bring the fund’s market price in line with its underlying value.

"ETPs are one of the most efficient, convenient, and effective ways to gain exposure to crypto markets, and we are committed to converting BITW into an ETP," said Bitwise CEO Hunter Horsley.

Broadening Access to Crypto Markets

Launched in 2017, the Bitwise 10 Crypto Index Fund provides exposure to the ten largest cryptocurrencies, including Bitcoin and Ethereum, with holdings weighted by market capitalization. As of October 31, the fund’s largest allocations were to Bitcoin (75.1%) and Ethereum (16.5%).

This move to list BITW as an ETP is part of Bitwise's broader strategy to expand both institutional and retail access to the crypto market. Bitwise’s Chief Investment Officer, Matt Hougan, highlighted that the fund has already opened new opportunities by offering the first index-based approach to cryptocurrency investment.

The filing with NYSE Arca follows recent bullish remarks from Hougan, who pointed to Bitcoin's potential to surpass $100,000 per coin as part of its ongoing growth trajectory.