Bitwise’s crypto fund has officially launched as the second crypto index available for trading, providing individual investors and institutions the opportunity to invest in various cryptocurrencies through a single vehicle.
The Bitwise 10 Crypto Index Fund (BITW), a $1.25 billion fund that tracks the 10 largest digital assets, has received approval from the U.S. Securities and Exchange Commission (SEC) to start trading on NYSE Arca as an exchange-traded product (ETP).
This marks the second U.S.-listed multi-asset crypto index fund to be approved as a full ETP, following Grayscale’s approval in July, transitioning from over-the-counter trading to a regulated exchange listing. Originally launched in 2020, the fund provides diversified exposure to Bitcoin , Ether , Solana , XRP, and other leading cryptocurrencies, with monthly rebalancing based on market capitalization and liquidity filters.
“This is a landmark moment for crypto as an asset class. With BITW now trading as an ETP, crypto has finally achieved a NYSE-traded index fund,” noted Hunter Horsley, CEO of Bitwise.
As a regulated ETP, BITW now follows the same framework as gold, oil, and commodity funds, a significant advancement that could attract more institutional investment into crypto indices, while also potentially mitigating operational risks for traditional investors hesitant about direct cryptocurrency ownership.
“BITW’s transition to NYSE Arca is a pivotal moment,” stated Bitwise Chief Investment Officer Matt Hougan in the company’s announcement. “It allows people to invest in the concept without the pressure of predicting outcomes, as BITW will hold the largest and most successful assets in the field.”
The SEC’s approval came after a previously delayed review earlier this year. The final approval followed NYSE Arca’s proposed rule change that allowed for the listing of the product, certified effective on Dec. 4, 2024, as per the regulatory authority’s approval document.
