NYSE Arca has filed a request with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded product (ETP) managed by Bitwise Asset Management. Bitwise aims to offer diversified crypto exposure through this product, called the Bitwise 10 Crypto Index Fund (BITW).
The filing, announced on Nov. 15, seeks to list the BITW fund, which holds 10 major cryptocurrencies, as an ETP. The fund’s allocation as of Oct. 31 includes 75.1% Bitcoin, 16.5% Ether, 4.3% Solana, and 1.6% XRP, with smaller percentages in assets like Cardano, Avalanche, Bitcoin Cash, Chainlink, Uniswap, and Polkadot. Bitwise CEO Hunter Horsley stated that ETPs offer efficient and accessible crypto exposure, emphasizing Bitwise’s commitment to the ETP structure for improved regulatory protections and shareholder efficiency.
The filing with the SEC, officially documented in a 19b-4 form, was submitted on Nov. 15, marking a strategic step for Bitwise, which has been working to transition its $1.3 billion trust into an ETP.
NYSE Arca, a leading U.S. exchange, would be the platform hosting the ETP if the SEC grants approval. This would allow retail and institutional investors in the U.S. to trade the Bitwise 10 Crypto Index Fund on the secondary market, with pricing aligned closely with the fund’s net asset value (NAV).
Bitwise believes that ETPs offer unique benefits, including regulatory protections and the ability to align trading prices with NAV, thanks to an arbitrage mechanism enabled by continuous subscriptions and redemptions. The structure aims to enhance efficiency for shareholders while expanding crypto market access. Analyst Eric Balchunas from Bloomberg noted that the request is timely, speculating that a pro-crypto SEC chair under the Trump administration could improve the odds, though approval is not guaranteed.
If approved, the ETP would let investors track a diverse portfolio of top crypto assets through a single product. This filing follows NYSE Arca’s October attempt to list the Grayscale Digital Large Cap Fund as an ETF, which holds a similar diversified portfolio including Bitcoin, Ether, Solana, XRP, and Avalanche. The potential approval of either fund could mark a major milestone for cryptocurrency ETPs in the U.S., broadening investor access and potentially shaping the future of crypto asset management.
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