Summary Review: NYSE Arca has submitted a request to the U.S. Securities and Exchange Commission (SEC) to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP), aiming to offer regulated exposure to top cryptocurrencies like Bitcoin and Ether.
NYSE Arca has filed with the SEC to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). The fund, managed by Bitwise Asset Management, holds a basket of 10 major cryptocurrencies, including Bitcoin, Ether, Solana, and XRP, with Bitcoin making up the largest portion of the fund at 75.1% as of October 31, 2024.
The move is part of Bitwise’s effort to convert its $1.3 billion crypto trust into a regulated ETP. The company believes that ETPs are the most efficient way to provide exposure to cryptocurrencies, offering benefits like regulatory protection and ease of shareholder transactions. ETPs also allow for continuous subscriptions and redemptions, creating an arbitrage mechanism that helps keep the price aligned with the underlying assets’ value.
Bitwise CEO Hunter Horsley emphasized that the ETP structure would make crypto investment more accessible and efficient for investors. However, despite the potential advantages, Bloomberg analyst Eric Balchunas noted that approval is not guaranteed, and more clarity is needed as the regulatory landscape evolves, especially with the possibility of a more crypto-friendly SEC under President Trump.
Summary Review: NYSE Arca has submitted a request to the U.S. Securities and Exchange Commission (SEC) to list the Bitwise 10 Crypto Index Fund as an exchange-traded product (ETP), aiming to offer regulated exposure to top cryptocurrencies like Bitcoin and Ether.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
