Bitwise Asset Management is taking steps to expand crypto investment access, aiming to list its index fund on NYSE Arca as an exchange-traded product.
Bitwise's New Initiative
Bitwise Asset Management announced that NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This could significantly broaden investor access to a diversified basket of cryptocurrencies.
Advantages of ETP Structure
Bitwise CEO Hunter Horsley highlighted the advantages of ETPs, emphasizing their efficiency and convenience for crypto exposure. Unlike traditional trusts, ETPs offer more transparent and flexible conditions for investors.
Market Impact
This move is part of Bitwise’s ongoing effort to convert its $1.3 billion publicly traded trust into an ETP structure. This could lead to increased interest and participation from major institutional investors, providing them access to cryptocurrencies like BTC, ETH, SOL, and XRP.
Bitwise's application to list its crypto index fund on NYSE Arca could be a significant step in expanding the crypto investment market, providing investors with broader access to diverse digital assets.
