NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund, aiming to convert it into an exchange-traded product.
Fund Conversion to ETP
On November 15, Bitwise Asset Management announced its intention to convert the Bitwise 10 Crypto Index Fund into an exchange-traded product (ETP). This conversion aims to enable ongoing subscriptions and redemptions at net asset value, facilitating a closer alignment of secondary market prices with the fund's underlying value.
Strategic Goals of Bitwise
Launched in 2017, BITW provides exposure to the 10 largest cryptocurrencies, including Bitcoin and Ethereum. Bitwise says the filing with NYSE Arca represents the next phase in its strategy to broaden institutional and retail participation in crypto markets. Matt Hougan, Bitwise’s chief investment officer, noted that BITW 'opened up new possibilities as the first fund to provide a broad, index-based approach to crypto markets.'
Institutional and Retail Investor Involvement
The fund seeks to attract a wider range of institutional and retail investors. This announcement came a few weeks after Matt Hougan highlighted Bitcoin's bullish trajectory, noting in a social media post that the asset is on track to surpass $100,000 per BTC.
The filing to list Bitwise 10 Crypto Index Fund on NYSE Arca marks a significant step in the company's strategy to expand participation in crypto markets. This conversion promises to be a notable event for institutional and retail investors looking to gain access to major cryptocurrencies.
