Bitwise’s crypto fund just became the second crypto index to begin trading, allowing individual traders and institutions to access multiple cryptocurrencies in a single investment vehicle. .
The Bitwise 10 Crypto Index Fund (BITW), a $1.25 billion vehicle that tracks the 10 largest digital assets, received approval from the U.S. Securities and Exchange Commission (SEC) to begin trading Tuesday on NYSE Arca as an exchange-traded product (ETP).
It is the second US-listed multi-asset crypto index fund to be approved as a full ETP, following Grayscale’s approval of the ETP in July, moving from over-the-counter trading to a regulated exchange listing. The fund, initially launched in 2020, offers diversified exposure to Bitcoin Ether Solana XRP and other major cryptocurrencies, rebalanced monthly based on market cap and liquidity filters.
“This is a watershed moment for crypto as an asset class. With BITW going on sale as an ETP today, crypto finally has an NYSE-traded index fund,” said Hunter Horsley, CEO of Bitwise.
As a regulated ETP, BITW now joins the same structure used by gold, oil and commodities funds, a step that could bring more institutional capital to crypto indices and potentially mitigate operational risks for traditional allocators wary of direct exposure to tokens.
“BITW’s transition to NYSE Arca is a watershed moment,” Matt Hougan, Bitwise’s chief investment officer, said in the company’s release. “This allows people to invest in the thesis without having to predict the future, knowing that BITW will hold the largest and best performing assets in the industry.”
The SEC approval follows a delayed review earlier this year. The final approval came after NYSE Arca’s proposed rule change to allow the product to be listed was certified effective Dec. 4, 2024, according to the regulator’s approval document.
