NYSE Arca has submitted a request to the United States Securities and Exchange Commission (SEC) to list an exchange-traded product (ETP) managed by Bitwise Asset Management, offering exposure to a basket of 10 cryptocurrencies.
Bitwise announced on Nov. 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 10 major cryptocurrency assets, including Bitcoin, Ether, Solana, XRP, Cardano, Avalanche, Bitcoin Cash, Chainlink, Uniswap, and Polkadot.
As of Oct. 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% of holdings.
Bitwise CEO Hunter Horsley emphasized that ETPs are the “most efficient, convenient, and useful vehicles for providing crypto exposure.”
He reiterated Bitwise’s commitment to converting the fund into an ETP structure.
The company noted that ETPs offer regulatory protections and enhanced shareholder efficiency.
An ETP would allow ongoing subscriptions and redemptions, creating an arbitrage mechanism to ensure secondary market trading remains closely tied to its net asset value (NAV).
This filing is part of Bitwise’s broader strategy to transition its $1.3 billion trust into an ETP framework.
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, adding, “the space needs more intel.”
The move also follows NYSE Arca’s separate filing to list the Grayscale Digital Large Cap Fund as an ETF on Oct. 29.
That fund similarly includes a portfolio of spot cryptocurrencies such as Bitcoin, Ether, Solana, XRP, and Avalanche.