- Bitwise has filed for NYSE Arca to list the Bitwise 10 Crypto Index Fund as an ETP.
- The company has updated its S-1 filing with the SEC to advance its XRP-focused ETF.
- The fund emphasizes broad crypto exposure with allocations to BTC, ETH, SOL, and XRP.
Bitwise Asset Management is pushing for greater access to crypto investments. The firm announced that NYSE Arca has filed to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP). This move could significantly expand investor access to a diversified basket of cryptocurrencies.
This move is part of Bitwise’s ongoing effort to convert its $1.3 billion publicly traded trust into an ETP.
Bitwise CEO Hunter Horsley highlighted the advantages of ETPs, emphasizing their efficiency and convenience for crypto exposure. Unlike traditional trusts, ETPs allow ongoing subscriptions and redemptions at the fund’s Net Asset Value (NAV).
Read also: XRP ETFs: Canary Capital and Bitwise Apply for SEC Approval
As of October 31, 2024, according to the data, the Bitwise 10 Crypto Index Fund’s portfolio composition displayed its preference on representing the wider crypto market, led by Bitcoin at 75.1%, followed by Ethereum at 16.5% and Solana at 4.3%.
Smaller allocations include XRP (1.6%), Cardano (0.7%), Avalanche (0.6%), Bitcoin Cash (0.4%), Chainlink (0.4%), Uniswap (0.3%), and Polkadot (0.3%). These assets are reviewed and rebalanced monthly to reflect market conditions, with risk screens to exclude high-risk assets.
Updated XRP ETF Registration Filed With SEC
In addition, Bitwise has moved forward with its plans to launch an XRP-focused ETF. The asset manager filed an updated S-1 registration statement with the SEC on October 16, providing details about the trust’s structure, asset custody, and share creation/redemption processes.
The company also registered a “Bitwise XRP ETF” entity in Delaware. Crypto analysts have noted the timing of this filing, suggesting it may be related to the upcoming U.S. elections.
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Source: https://coinedition.com/bitwise-makes-move-to-list-crypto-index-fund-on-nyse-arca/