NYSE Arca has submitted a request to the SEC to list a new product managed by Bitwise Asset Management offering exposure to a basket of 10 cryptocurrencies.
NYSE Arca's Listing Request
Bitwise announced on November 15 that NYSE Arca filed a 19b-4 form to list the Bitwise 10 Crypto Index Fund (BITW) as an ETP. The fund includes allocations to ten major cryptocurrency assets such as Bitcoin, Ether, Solana, XRP, Cardano, and others.
Fund Structure and Benefits
As of October 31, 2024, the fund's composition features 75.1% Bitcoin, 16.5% Ether, 4.3% Solana, and 1.6% XRP, with the remaining assets each accounting for less than 1%. Bitwise CEO Hunter Horsley emphasized that ETPs are the most efficient and convenient vehicles for providing crypto exposure. The company noted that ETPs offer regulatory protections and enhanced shareholder efficiency.
Context and Future Prospects
Bloomberg analyst Eric Balchunas remarked that the timing of the filing aligns with recent political developments. He noted, 'A Donald Trump-elected SEC chair would make anything possible,' though he cautioned that approval is not guaranteed. Meanwhile, NYSE Arca has separately filed to list the Grayscale Digital Large Cap Fund as an ETF.
The application to list Bitwise's new ETP on NYSE Arca highlights the growing interest in cryptocurrency indices and their potential placement on traditional financial platforms. The decision could pave the way for investors and strengthen the bond between cryptocurrency and traditional financial markets.
