Bitwise’s $1.25b 10-asset crypto fund wins SEC approval to uplist from OTC to NYSE Arca as a regulated ETP, giving institutions index-style exposure to top coins.
Summary
- SEC approves Bitwise 10 Crypto Index Fund to trade as an exchange-traded product on NYSE Arca after a delayed review and Dec. 4, 2024 rule change certification.
- The $1.25b rules-based fund tracks the 10 largest cryptocurrencies by market cap and liquidity, with monthly rebalancing and current holdings like BTC, ETH, SOL and XRP.
- Uplisting from OTC expands access for advisors and institutions, aligning crypto index exposure with traditional ETP structures alongside Grayscale’s multi-asset crypto fund.
The Bitwise 10 Crypto Index Fund commenced trading as a regulated exchange-traded product on NYSE Arca following approval from the U.S. Securities and Exchange Commission, the company announced.
The $1.25 billion fund, which tracks the 10 largest cryptocurrencies by market capitalization, became the second U.S.-listed multi-asset crypto index to operate as a fully regulated exchange-traded product. Grayscale received similar approval earlier in 2024 for a comparable fund.
Bitwise joins growing consortium of NYSE listed firms to offer new Bitcoin product
The fund previously operated as an over-the-counter product since its launch in 2020. The transition to a regulated exchange structure expands access to financial advisors, retirement platforms, and institutional investors whose mandates require exchange-listed securities.
The fund employs a rules-based index methodology incorporating market capitalization and liquidity filters. Current holdings include Bitcoin, Ether, Solana, XRP, and other top-ranked cryptocurrencies, according to the company. The portfolio undergoes monthly rebalancing to adjust exposure as market conditions shift.
“This is a watershed moment for crypto as an asset class,” said Hunter Horsley, chief executive officer of Bitwise. “With the fund uplisting as an ETP today, crypto finally has a NYSE-traded index fund.”
Matt Hougan, chief investment officer at Bitwise, stated the uplisting enables investors to gain exposure to crypto adoption without selecting individual assets. “The fund’s transition to NYSE Arca is a breakthrough moment,” Hougan said. “It lets people invest in the thesis without having to predict the future, knowing that the fund will own the largest, most successful assets in the space.”
The SEC approval followed a delayed review process earlier in 2024. NYSE Arca’s proposed rule change permitting the product’s listing was certified as effective on Dec. 4, 2024, according to regulatory filings.
The Bitwise fund joins Grayscale‘s multi-asset crypto ETP as one of two U.S.-listed products offering diversified index-style crypto exposure under full exchange oversight. Prior to these approvals, American investors seeking similar exposure relied on offshore vehicles, private funds, or over-the-counter products with limited liquidity.
The regulated ETP structure operates within the same framework governing commodity and equity-linked exchange-traded products, addressing custody, tax, and regulatory concerns that have deterred some institutional investors from holding digital tokens directly.
Source: https://crypto.news/bitwise-10-crypto-index-fund-secures-sec-nod-to-trade-as-nyse-arca-etp/
