Bitwise’s first-ever crypto investment product gets uplisted to the NYSE Arca
Bitwise's largest crypto index fund, BITW, has been uplisted to the NYSE Arca as an ETP.Summary
Bitwise announced that its Bitwise 10 Crypto Index ETF (ticker BITW), the world's largest crypto index fund with $1.25 billion in assets under management, has been uplisted to the NYSE Arca. This marks the first crypto index fund to trade on that exchange, converting it from an over-the-counter closed-end trust to an Exchange Traded Product (ETP), which supports tighter Net Asset Value (NAV) tracking via the redemption process.
The BITW fund holds a basket of 10 leading crypto assets ranked by market capitalization, screened for risk, and rebalanced monthly. Currently, Bitcoin constitutes about 75% of the holdings, with Ether at around 15%, and the rest comprising XRP, SOL, ADA, LINK, LTC, SUI, AVAX, and DOT. Bitwise President Teddy Fusaro expressed excitement over the uplisting, noting the product's journey since 2017.
The move aligns with industry sentiment suggesting that traditional finance investors prefer diversified, index-based crypto products over single-token investments to navigate the emerging asset class's risks.
(Source：The Block)