Bitwise pushes to convert $1.3b crypto trust to ETP on NYSE

NYSE Arca has filed for a listing aimed at turning its $1.3 billion Bitwise 10 Crypto Index Fund into an exchange-traded product.

NYSE Group’s NYSE Arca has filed to list its $1.3 billion Bitwise 10 Crypto Index Fund; This marked a significant step in Bitwise Asset Management’s effort to turn the fund into an exchange-traded product.

The conversion to ETP will bring ongoing subscriptions and redemptions at Net Asset Value, a mechanism designed to more closely align secondary market prices with the fund’s underlying value, the asset management firm said in a Nov. 15 blog announcement.

“Bitwise believes that ETPs are among the most efficient, convenient and useful tools for providing crypto visibility. We are committed to transforming BITW into ETP.”

Bitwise CEO Hunter Horsley

By bit to target broader Bitcoin reach

Launched in 2017, BITW provides access to the 10 largest cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), weighted by market cap. As of October 31, the fund’s assets are led by Bitcoin with 75.1% and Ethereum with 16.5%.

Bitwise says the filing with NYSE Arca represents the next phase in its strategy to expand institutional and retail participation in crypto markets. Matt Hougan, Bitwise’s chief investment officer, said BITW “opens up new possibilities as the first fund to provide a broad, index-based approach to crypto markets.”

The filing comes just weeks after Hougan highlighted Bitcoin’s bullish trend and stated in a social media post that the asset was on track to surpass $100,000 per BTC.