Bitwise Asset Management's 10 Crypto Index Fund (BITW) will migrate from the over-the-counter (OTC) market to the NYSE Arca, further bringing cryptocurrency exposure into mainstream trading infrastructure.
The company announced that starting Tuesday, BITW will officially be listed on NYSE Arca—one of the electronic trading markets of the New York Stock Exchange for exchange-traded products (ETPs), at which point the fund will trade as an exchange-traded product.
Launched in 2017, BITW provides diversified exposure to the top ten cryptocurrencies by market capitalization, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP). The fund rebalances monthly to reflect broader changes in the crypto market.
Listing on NYSE Arca means that crypto-related products are entering a major regulated securities exchange, the same venue where traditional exchange-traded funds (ETFs) are traded. This move is expected to reduce the friction for investors operating on crypto exchanges.
Bitwise Chief Investment Officer Matt Hougan stated, "Most investors we encounter believe that cryptocurrencies will be around for the long term, but they are uncertain about who will be the winners and how many projects will succeed. The index fund approach allows people to invest in this idea without having to predict the future."
Bitwise is one of the first issuers to receive approval for a spot Bitcoin ETF in January 2024. Its Bitwise Bitcoin ETF Trust (BITB) became one of the fastest exchange-traded products to reach a $1 billion asset size, achieving this milestone about a month after its launch.
Since the approval of the U.S. spot Bitcoin ETF at the beginning of 2024, institutional interest in digital assets has rapidly expanded. The more supportive Trump administration has further accelerated institutional adoption, including increased regulatory attention, new legislation, and federal-level policies supporting industry development.
At the same time, institutional investors are reminded of the inherent high volatility in the field, as volatility remains high even with the entry of larger and more mature participants into the market.
The crypto market experienced the largest liquidation event in history on October 10, with approximately $19 billion in positions wiped out. In the following month, this volatility triggered significant withdrawals and notable outflows from crypto exchange-traded products (ETPs).
However, according to CoinShares data, fund inflows have recovered over the past two weeks, with ETP inflows exceeding $1.7 billion.
Related: U.S. banking regulators approve national banks to engage in cryptocurrency trading
Original article: “Bitwise Crypto Index Fund Officially Lands on NYSE Arca”
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