Asset management company Bitwise has announced that the New York Stock Exchange Arca has submitted a Form 19b-4 to apply for the listing of the Bitwise 10 Crypto Index Fund (BITW) as an ETP. BITW shares are currently trading on the OTCQX Best Market. The ETP structure offers numerous benefits to shareholders, including greater efficiency and regulatory protection. The Bitwise 10 Crypto Index Fund holds the 10 largest cryptocurrency assets, ranked and weighted by market capitalization.

PANews reported on November 15 that according to official sources, asset management company Bitwise has announced that the New York Stock Exchange Arca has submitted a Form 19b-4, applying to list the Bitwise 10 Crypto Index Fund (BITW) as an ETP. This application represents Bitwise's ongoing efforts to convert its publicly traded trust valued at $1.30 billion into an ETP structure. Shares of BITW are currently trading on the OTCQX Best Market.

According to Bitwise, the ETP structure offers numerous benefits to shareholders, including greater efficiency and regulatory protection. Notably, ETPs accept subscriptions and redemptions at net asset value (NAV), thereby creating an arbitrage mechanism that allows the fund to trade on the secondary market in a manner more closely related to its NAV.

The Bitwise 10 Crypto Index Fund holds the 10 largest cryptocurrency assets, ranked and weighted by market capitalization. As of October 31, 2024, the fund holds 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%), and Polkadot (0.3%).

The New York Stock Exchange Arca has applied to list Bitwise's cryptocurrency index fund BITW as an ETP.