Bitwise’s cryptocurrency fund has just become the second cryptocurrency index to begin trading, giving individual traders and institutions access to multiple cryptocurrencies through a single investment vehicle. .
The Bitwise 10 Cryptocurrency Index Fund (BITW), a $1.25 billion vehicle that tracks the 10 largest digital assets, has received approval from the U.S. Securities and Exchange Commission (SEC) to begin trading as an exchange-traded product (ETP) on NYSE Arca on Tuesday.
This is the second U.S.-listed multi-asset crypto index fund to be approved as a full ETP, following Grayscale’s ETP approval in July, moving beyond OTC trading into regulated exchange listings. The fund originally launched in 2020 and offers diversified exposure to Bitcoin Ether Solana XRP and other top cryptocurrencies, rebalanced monthly based on market cap and liquidity filters.
Hunter Horsley, CEO of Bitwise, said: “This is a watershed moment for cryptocurrencies as an asset class. With BITW listing as an ETP today, cryptocurrencies finally have an index fund trading on the New York Stock Exchange.”
As a regulated ETP, BITW now joins the same structure used by gold, oil and commodities funds, a milestone that could bring more institutional capital into crypto indices and potentially mitigate operational risk for traditional allocators wary of direct token exposure.
“BITW’s transition to NYSE Arca is a breakthrough moment,” Bitwise Chief Investment Officer Matt Hougan said in a company press release. “It allows people to invest in thesis without predicting the future because they know BITW will have the largest and most successful assets in the field.”
The SEC approval came after a delayed review earlier this year. NYSE Arca’s proposed rule changes to allow the product to go on sale, effective December 4, 2024, were ultimately approved, according to regulatory approval documents.