Bitwise’s BITW Becomes Second U.S. Crypto Index Fund to Trade as a Full ETP

Bitwise has reached a major milestone in the digital asset industry with the uplisting of its Bitwise 10 Crypto Index Fund (BITW) to NYSE Arca, making it the second U.S.-listed multi-asset crypto index fund to operate as a full exchange-traded product (ETP). The approval from the U.S Securities and Exchange Commission (SEC) allows individual and institutional investors to gain diversified exposure to leading cryptocurrencies through a single, regulated investment vehicle.

BITW, a $1.25 billion fund, tracks the 10 largest digital assets, including Bitcoin, Ether, Solana, and XRP, and undergoes monthly rebalancing based on market capitalization and liquidity metrics. Originally launched in 2020, the fund now stands alongside commodity-based ETPs such as gold and oil, offering a familiar structure for traditional investors seeking regulated crypto exposure without the operational risks of holding digital tokens directly.

The SEC’s approval follows a delayed review earlier in the year, with the final decision made after NYSE Arca’s rule-change proposal was certified effective on Dec. 4, 2024. BITW’s listing comes shortly after Grayscale received similar approval in July, signaling growing regulatory acceptance for crypto index products. Industry experts suggest this shift may pave the way for broader institutional participation, potentially accelerating mainstream adoption of diversified crypto investment strategies.

Bitwise CEO Hunter Horsley called the uplisting a “watershed moment for crypto as an asset class,” emphasizing that investors can now access a NYSE-traded crypto index fund for the first time. Bitwise CIO Matt Hougan echoed the sentiment, noting that the ETP structure allows investors to benefit from the long-term growth of the largest and most successful digital assets without needing to predict which tokens will outperform.

The fund’s transition marks a significant step in bridging traditional finance and the evolving crypto market, reinforcing the role of regulated index products in shaping the future of digital asset investing.