SEC Approves U.S. Second Crypto Index ETP with Bitwise's BITW
The U.S. Securities and Exchange Commission (SEC) has approved Bitwise's 10 Crypto Index Fund (BITW) to list and trade on NYSE Arca as an exchange-traded product (ETP). This marks BITW as the second U.S.-listed multi-asset crypto index fund to receive full ETP approval, following Grayscale's fund approval in July.
BITW, valued at $1.25 billion, tracks the 10 largest cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The fund rebalances monthly based on market capitalization and liquidity filters, with its portfolio including Bitcoin, Ether, Solana, XRP, among other top assets.
The NYSE Arca listing was certified effective on December 4, 2024, enabling the product's listing and providing the first regulated exchange access for crypto indices. This development is expected to attract more institutional investment and reduce the operational risk associated with direct token exposure.
Originally launched in 2020, the Bitwise fund now joins other regulated ETPs such as gold and oil funds. Executives described the SEC approval and listing as a watershed moment and a breakthrough, allowing investors to gain broader exposure to the crypto thesis without needing to predict future price movements.
