NYSE Arca has petitioned the Securities and Exchange Commission (SEC) to list an exchange-traded product (ETP) managed by Bitwise Asset Management, which would hold a basket of 10 cryptocurrencies.
On November 15th, Bitwise announced that NYSE Arca had filed a 19b-4 form to list the Bitwise 10 Crypto Index Fund (BITW) as an ETP. This fund would allocate investments across top cryptocurrency assets, including Bitcoin, Ether, Solana, XRP, Cardano, and others.
As of October 31st, 2024, the fund’s portfolio was composed of 75.1% Bitcoin, 16.5% Ether, 4.3% Solana, and 1.6% XRP. The remaining assets each represented less than 1% of the fund’s holdings.
Bitwise CEO Hunter Horsley stated in the announcement that the company considers ETPs to be the “most efficient, convenient, and useful vehicles for providing crypto exposure.” He affirmed the company’s commitment to converting the fund into an ETP.
The company believes that ETPs offer advantages such as regulatory protections and increased shareholder efficiency. The ETF issuer explained that an ETP would accept subscriptions and redemptions on an ongoing basis.
