Bitwise 10 Crypto Index Fund Proposed to Convert to ETP

Key Points:

• Bitwise Asset Management plans to list its Bitwise 10 Crypto Index Fund as an ETP on NYSE Arca.
• Bitwise recently acquired Ethereum staking provider Attestant Limited, boosting its total assets under management to over $10 billion.

Bitwise Asset Management has announced that NYSE Arca has filed to list its Bitwise 10 Crypto Index Fund, BITW, as an ETP, and if all goes well, this may turn out to be a quite serious benefit to investors.

Read more: Bitwise Crypto Futures ETFs With New Trendwise Strategies on Dec 3 

NYSE Arca Lists Bitwise 10 Crypto Index Fund as ETP

The ETP structure allows for constant subscriptions and redemptions at the fund’s net asset value, thereby allowing the fund to trade closer to its NAV in secondary market conditions. This can offer improved liquidity, efficiency, and also regulatory protections to shareholders, making the fund more attractive to a wide range of investors.

Since November 2017, the Bitwise 10 Crypto Index Fund has given investors broad diversified exposure to leading crypto assets like Bitcoin 75.1%, Ethereum 16.5%, and Solana at 4.3%, among smaller XRP, Cardano, and Avalanche.

Bitwise Expands Offerings with Key Acquisition in Ethereum Staking

As of October 31, 2024, the Bitwise 10 Crypto Index Fund had approximately $1.3 billion in assets under management and was quoted on the OTCQX Best Market. The expected NYSE Arca listing of the ETP represents the next step in Bitwise’s ongoing effort to increase access to regulated crypto investments.

Recently, Bitwise also announced the acquisition of Attestant Limited, an Ethereum staking provider, to further develop its product suite comprising exchange-traded products, private funds, and hedge fund solutions. The purchase ramps up the assets under Bitwise management to over $10 billion as the new Ethereum staking services add more options for institutional investors looking at exposure to blockchain-based assets.