NYSE Arca Files Form 19b-4 To Uplist the Bitwise 10 Crypto Index Fund (BITW) as an ETP
NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP), marking a significant step in converting the $1.3 billion publicly traded trust. Currently quoted on OTCQX Best Market, BITW aims to provide broader access and enhanced regulatory protections through the ETP structure, which enables ongoing subscriptions and redemptions at Net Asset Value (NAV). The fund, launched in November 2017 as the world's first crypto index fund, holds the 10 largest crypto assets by market cap, with Bitcoin (75.1%) and Ethereum (16.5%) as its largest holdings as of October 31, 2024.
NYSE Arca ha presentato richiesta per quotare il Bitwise 10 Crypto Index Fund (BITW) come prodotto scambiato in borsa (ETP), segnando un passo significativo nella conversione del fondo di investimento pubblico da 1,3 miliardi di dollari. Attualmente quotato sul mercato OTCQX Best, BITW mira a fornire un accesso più ampio e protezioni normative migliorate attraverso la struttura ETP, che consente sottoscrizioni e riscatti continui al valore patrimoniale netto (NAV). Il fondo, lanciato nel novembre 2017 come il primo fondo indice crypto al mondo, detiene i 10 maggiori asset crypto per capitalizzazione di mercato, con Bitcoin (75,1%) e Ethereum (16,5%) come le sue maggiori partecipazioni al 31 ottobre 2024.
NYSE Arca ha presentado una solicitud para listar el Bitwise 10 Crypto Index Fund (BITW) como producto cotizado en bolsa (ETP), marcando un paso significativo en la conversión del fondo de inversión público de 1.3 mil millones de dólares. Actualmente cotizado en el mercado OTCQX Best, BITW busca proporcionar un acceso más amplio y mejores protecciones regulatorias a través de la estructura ETP, que permite suscripciones y redenciones continuas al Valor Patrimonial Neto (NAV). El fondo, lanzado en noviembre de 2017 como el primer fondo índice de criptomonedas del mundo, contiene los 10 activos criptográficos más grandes por capitalización de mercado, con Bitcoin (75.1%) y Ethereum (16.5%) como sus principales participaciones al 31 de octubre de 2024.
NYSE Arca가 Bitwise 10 Crypto Index Fund (BITW)를 상장지수상품(ETP)으로 상장하기 위해 신청했습니다. 이는 13억 달러 규모의 상장된 신탁을 전환하는 데 있어 중요한 단계입니다. 현재 OTCQX Best Market에 상장된 BITW는 ETP 구조를 통해 더 폭넓은 접근성과 향상된 규제 보호를 제공하는 것을 목표로 하며, 순자산가치(NAV)에서 지속적인 가입 및 환매를 허용합니다. 2017년 11월 세계 최초의 암호화폐 지수펀드로 출시된 이 펀드는 시가총액 기준으로 10개의 가장 큰 암호화폐 자산을 보유하고 있으며, 2024년 10월 31일 기준으로 가장 큰 보유 자산은 비트코인(75.1%)과 이더리움(16.5%)입니다.
NYSE Arca a déposé une demande pour l'inscription du Bitwise 10 Crypto Index Fund (BITW) en tant que produit négocié en bourse (ETP), marquant une étape significative dans la conversion du fonds public de 1,3 milliard de dollars. Actuellement coté sur le marché OTCQX Best, BITW vise à fournir un accès plus large et des protections réglementaires renforcées grâce à la structure ETP, qui permet des souscriptions et des rachats continus à la valeur nette d'inventaire (NAV). Le fonds, lancé en novembre 2017 comme le premier fonds indice crypto au monde, détient les 10 plus grands actifs crypto par capitalisation boursière, avec Bitcoin (75,1%) et Ethereum (16,5%) comme ses principales participations au 31 octobre 2024.
NYSE Arca hat einen Antrag gestellt, um den Bitwise 10 Crypto Index Fund (BITW) als börsengehandeltes Produkt (ETP) zum Listing zu bringen, was einen bedeutenden Schritt zur Umwandlung des 1,3 Milliarden US-Dollar schweren öffentlichen Treuhandfonds darstellt. Derzeit an der OTCQX Best Market notiert, zielt BITW darauf ab, einen breiteren Zugang und verbesserte regulatorische Schutzmaßnahmen durch die ETP-Struktur zu bieten, die fortlaufende Zeichnungen und Rücknahmen zum Nettoinventarwert (NAV) ermöglicht. Der Fonds wurde im November 2017 als erster Krypto-Indexfonds der Welt aufgelegt und hält die 10 größten Krypto-Assets nach Marktkapitalisierung, wobei Bitcoin (75,1%) und Ethereum (16,5%) die größten Bestände zum 31. Oktober 2024 bilden.
- Potential uplisting to NYSE Arca could increase fund visibility and accessibility
- ETP structure would enable more efficient trading through NAV-based arbitrage mechanism
- Fund manages significant assets of $1.3 billion
- Enhanced regulatory protections through ETP structure
- Conversion to ETP structure still pending regulatory approval
- High concentration in Bitcoin (75.1%) and Ethereum (16.5%) may present concentration risk
The filing reflects Bitwise’s ongoing commitment to convert the world’s largest crypto index fund to the ETP structure.
The filing is the latest step in Bitwise’s ongoing effort to convert the
“Bitwise believes that ETPs are among the most efficient, convenient, and useful vehicles for providing crypto exposure,” said Bitwise CEO Hunter Horsley. “We remain committed to converting BITW to an ETP.”
The ETP structure confers many benefits to shareholders, including greater efficiency and regulatory protections. Notably, an ETP accepts subscriptions and redemptions on an ongoing basis at Net Asset Value (NAV), creating an arbitrage mechanism that allows the fund to trade on the secondary market in a way that is more closely linked to its NAV.
“From Bitwise’s beginning in 2017, we've sought to give investors easy exposure to crypto’s groundbreaking potential,” said Bitwise Chief Investment Officer Matt Hougan. “BITW opened up new possibilities as the first fund to provide a broad, index-based approach to crypto markets, and it remains the leader in its class. We’re excited for the next phase of BITW’s development.”
Background and History
The Bitwise 10 Crypto Index Fund launched in November 2017 as the world’s first crypto index fund. For seven years, the fund has offered investors a means of gaining diversified, managed exposure to the market for crypto assets, currently valued at over
Since launching the fund as a private placement for accredited investors, Bitwise has worked continuously to broaden access to and strengthen the regulatory protections around BITW, with the ultimate goal of listing the fund as an ETP. Key milestones in this journey include:
- December 2020: Shares of the fund begin trading on the OTCQX Best Market under the ticker BITW, making the Bitwise 10 Crypto Index Fund the first publicly traded crypto index fund.
- April 2021: BITW becomes the first crypto index fund to register as an SEC reporting company, providing additional transparency and clarity for investors.
- November 2024: NYSE Arca files to uplist BITW as an ETP.
Investment Methodology and Current Holdings
The Bitwise 10 Crypto Index Fund holds the 10 largest crypto assets, ranked and weighted by market capitalization. The fund and its underlying index are reconstituted and rebalanced each month to ensure it stays current with the fast-moving crypto market. The underlying index uses proprietary risk screens to exclude assets with certain risks.
As of October 31, 2024, the Fund held the following assets:
-
Bitcoin:
75.1% -
Ethereum:
16.5% -
Solana:
4.3% -
XRP:
1.6% -
Cardano:
0.7% -
Avalanche:
0.6% -
Bitcoin Cash:
0.4% -
Chainlink:
0.4% -
Uniswap:
0.3% -
Polkadot:
0.3%
About Bitwise
Bitwise Asset Management is a leading crypto specialist asset manager serving clients in the
RISKS
An investment in Bitwise 10 Crypto Index Fund (“BITW” or the “Fund”) is considered speculative and involves a high degree of risk. The Fund is not suitable for all investors. An investment involves significant risks due to the nature of the Fund’s investments. An investor may lose all or a substantial part of their investment. The Fund does not represent a complete investment portfolio. There can be no assurance that the investment objectives of the Fund will be achieved.
Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.
Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.
No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.
IMPORTANT INFORMATION
Shares of the Bitwise 10 Crypto Index Fund are registered with the Securities and Exchange Commission pursuant to Section 12(g) of the Securities and Exchange Act of 1934, as amended, and are quoted on the OTCQX. The shares quoted on OTCQX may not reflect the value of the digital assets held by the Fund, less the Fund’s expenses and other liabilities, and have in the past and may in the future trade at a premium over such value, which at times has been and may in the future be substantial.
This press release is not an offer to sell nor a solicitation of an offer to buy Shares in any Fund. Any offer to sell or solicitation of an offer to buy Shares will be made solely through the Fund’s definitive offering documents, identified as such, in respect of the Fund in compliance with the terms of all applicable securities and other laws. Such definitive offering documents, if any, will describe risks related to an investment in the Fund (including loss of the entire investment) and will qualify in their entirety the information set forth herein. The Shares will be offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The offer and sale of Shares have not been registered with or approved or disapproved by the Securities and Exchange Commission (the “SEC”) or the securities commission or regulatory authority of any state or foreign jurisdiction, nor is such registration contemplated.
Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for
The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.
Foreside Fund Services, LLC provides marketing review services. Foreside is not affiliated with the other entities named in the communication.
1 Source: CoinMarketCap, November 14, 2024.
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To request an interview or for further information about Bitwise, we ask that members of the press please contact:
Frank Taylor/Stephanie Dressler
Dukas Linden Public Relations
Bitwise@DLPR.com
Source: Bitwise Asset Management
FAQ
What is the current asset allocation of Bitwise 10 Crypto Index Fund (BITW)?
What changes will the NYSE Arca uplisting bring to BITW?
When did BITW first start trading publicly?
