Bitwise Asset Management is converting the Bitwise 10 Crypto Index Fund (BITW) into an exchange-traded fund (ETF). NYSE Arca has filed to uplist BITW as the first crypto index fund to achieve ETF status. It is a significant step in transitioning the $1.3 billion publicly traded trust into an exchange-traded product (ETP).
The BITW fund offers a diversified portfolio of 10 major cryptocurrencies with varying weightings. Bitcoin dominates the fund at 75%, followed by Ethereum at 16.2% and Solana at 4.4%. Despite its robust asset lineup, the fund trades at a 25% discount on its net asset value (NAV). Bitwise CEO Hunter Horsley emphasized the importance of the fund’s evolution, noting that the firm introduced BITW to simplify crypto investing for busy individuals.
Converting BITW into an ETF brings several advantages for investors, including operating more efficiently and offering enhanced regulatory protections. Bitwise’s move signals its commitment to innovation and investor-focused solutions, ensuring its products meet the evolving demands of the crypto market.
