Bitwise Asset Management announced today its application to list the Bitwise 10 Crypto Index Fund as an exchange-traded product on NYSE Arca.
Transition of Bitwise 10 Crypto Index Fund to ETF
Currently listed on the OTCQX Best Market, BITW manages $1.3 billion in assets and represents the world's largest crypto index fund. Transitioning to an ETF structure is Bitwise's latest move to enhance accessibility to crypto investments. “ETFs offer investors an efficient and convenient way to gain crypto exposure,” explained Bitwise CEO Hunter Horsley.
Benefits of ETFs for Investors
The ETF format can provide significant benefits to shareholders, including increased regulatory protections and trading efficiency. Unlike traditional funds, an ETF accepts subscriptions and redemptions based on its Net Asset Value (NAV), creating an arbitrage mechanism that allows trading in secondary markets at a price closer to NAV.
Composition of Bitwise 10 Crypto Index Fund
The Bitwise 10 Crypto Index Fund invests in the ten largest crypto assets ranked by market capitalization. As of October 31, 2024, the fund's asset allocation is as follows:
- Bitcoin: 75.1% - Ethereum: 16.5% - Fading: 4.3% - XRP: 1.6% - Cardano: 0.7% - Avalanche: 0.6% - Bitcoin Cash: 0.4% - Chainlink: 0.4% - Uniswap: 0.3% - Polkadot: 0.3%
Bitwise continues its mission to simplify crypto investing for a broader public, aiming to make the fund more accessible through the ETF structure.
