The Bitwise crypto fund has just become 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 the approval of the Grayscale ETP in July, moving beyond over-the-counter trading to a regulated exchange listing. The fund, originally launched in 2020, offers diversified exposure to Bitcoin Ether solarium XRP and other major cryptocurrencies, rebalanced monthly based on market cap and liquidity filters.
“This is a watershed moment for cryptocurrencies as an asset class. With BITW listing today as an ETP, cryptocurrencies finally have an index fund listed on the New York Stock Exchange,” said Hunter Horsley, CEO of Bitwise.
As a regulated ETP, BITW now joins the same structure used by gold, oil and commodity funds, a milestone that could bring more institutional capital to crypto indices and potentially alleviate operational risks for traditional allocators wary of direct exposure to the tokens.
“BITW’s transition to NYSE Arca is a watershed moment,” Bitwise Chief Investment Officer Matt Hougan said in the company’s statement. “It allows people to invest in the thesis without having to predict the future, knowing that BITW will own the largest and most successful assets in the space.”
The SEC approval came after a delayed review earlier this year. The final approval came after NYSE Arca’s proposed rule change to allow listing of the product was certified effective Dec. 4, 2024, according to the regulator’s approval document.
