NYSE Arca has made a significant move in the crypto space by filing a request with the SEC to list a new ETF from Bitwise.
ETF Filing Details
On November 15, Bitwise announced that NYSE Arca filed a 19b-4 form to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). The fund holds allocations in 10 top cryptocurrencies, including Bitcoin, Ether, Solana, XRP, and others. As of October 31, 2024, the fund's portfolio comprised 75.1% Bitcoin, 16.5% Ether, 4.3% Solana, and 1.6% XRP.
Advantages of ETP According to Bitwise
Bitwise CEO Hunter Horsley stated that ETPs are the most efficient and convenient vehicles for providing crypto exposure. The company noted that ETPs offer advantages like regulatory protections and increased shareholder efficiency.
Other NYSE Arca Initiatives
NYSE Arca has also filed to list a Grayscale fund holding a basket of spot cryptocurrencies. On October 29, the company filed to list the Grayscale Digital Large Cap Fund as an ETF.
These actions by NYSE Arca highlight the growing interest in cryptocurrency investments and the drive to adapt to the evolving financial landscape.
