Bitwise’s first-ever crypto investment product gets uplisted to the NYSE Arca

Bitwise has had its crypto index fund uplisted to the New York Stock Exchange Arca, the first crypto index fund to trade on that exchange.

The Bitwise 10 Crypto Index ETF (ticker BITW) is the largest crypto index fund in the world, with $1.25 billion in assets under management, the firm said. BITW holds a single basket of 10 leading crypto assets, ranked by market capitalization, screened for risk, and rebalanced monthly with no cap on the largest holding. At this time, bitcoin makes up about 75% of the fund’s holdings, with ether at around 15%.

“The underlying Bitwise 10 Large Cap Crypto Index is designed to navigate the unique risks and considerations of this asset class: It applies screening rules that factor in liquidity, security, and compliance, with careful oversight,” the firm said. “For instance, even though LUNA was a top 10 asset by market cap in 2022, it was never allowed into the index because of concerns about its fundamentals.”

As of Tuesday morning, the rest of BITW is made up of XRP, SOL, ADA, LINK, LTC, SUI, AVAX, and DOT. Bitcoin and Ethereum represent the only assets Bitwise has consistently kept in the fund since launch, according to its website. 

“Beyond excited to ‘uplist’ BITW onto NYSE as an ETP, where it belongs,” Bitwise President Teddy Fusaro said in a post on X. “Its journey began in a tiny SF office in 2017 — @BitwiseInvest‘s 1st product. We’ve worked toward this daily ever since. America’s first & largest crypto index fund — now in ETP format — is finally here.”

NYSE Arca (formerly known as the Archipelago Exchange) is a fully electronic stock exchange subsidiary of Intercontinental Exchange that has become a hub for ETF listings and trading. BITW previously traded over-the-counter as a closed-end trust, with its new structure supporting tighter NAV tracking via the ETP redemption process. 

NovaDius Wealth Management President Nate Geraci said last month he was “highly bullish” on index-based and actively managed crypto ETFs. “No way tradfi investors ready to navigate all of these single tokens,” he said. “They’re going to take a diversified, shotgun approach to an emerging asset class.”

That point was echoed by Franklin Templeton’s Head of Digital Assets Roger Bayston, who told The Block he expects a range of diversified crypto ETFs will follow this recent wave of single-asset funds. For its part, Bitwise currently has spot Bitcoin, Ethereum, Solana, XRP, and Dogecoin ETFs on the market.

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