Bitwise Asset Management is taking a significant step toward transitioning its $1.3 billion Bitwise 10 Crypto Index Fund into an exchange-traded product (ETP), with a filing submitted to NYSE Arca.
In a move to enhance liquidity and market alignment, Bitwise plans to convert the fund into an ETP, which would allow for ongoing subscriptions and redemptions at Net Asset Value (NAV). This mechanism is designed to ensure the fund’s secondary market prices more accurately reflect its underlying assets.
CEO Hunter Horsley stated, “Bitwise believes that ETPs are among the most efficient, convenient, and useful vehicles for providing crypto exposure. We remain committed to converting BITW to an ETP.”
Launched in 2017, the Bitwise 10 Crypto Index Fund provides exposure to the 10 largest cryptocurrencies by market cap, with Bitcoin and Ethereum making up the largest portions. As of October 31, Bitcoin accounted for 75.1% of the fund, while Ethereum made up 16.5%.
Bitwise’s filing with NYSE Arca marks the next phase of its strategy to expand crypto participation among both institutional and retail investors. Chief Investment Officer Matt Hougan emphasized the fund’s role in offering a broad, index-based approach to crypto markets, adding that BITW has opened new investment possibilities.
This move follows recent comments from Hougan, who highlighted Bitcoin’s bullish momentum, suggesting the cryptocurrency could surpass $100,000 per BTC.
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