Bitwise's BITW, the First and Largest Crypto Index Fund, To Begin Trading on NYSE Arca as Exchange-Traded Product

Core Viewpoint - Bitwise Asset Management has announced the uplisting of the Bitwise 10 Crypto Index ETF (BITW) to NYSE Arca, marking a significant milestone for crypto as an asset class, with the fund offering diversified exposure to the top 10 crypto assets [1][5]. Company Overview - Bitwise Asset Management is a global crypto asset manager with over $15 billion in client assets and a range of more than 40 crypto investment products, including ETFs and private funds [7][8]. - The firm has an eight-year track record and serves over 4,000 private wealth teams, RIAs, family offices, institutional investors, and 15 banks and broker-dealers [8]. Fund Structure and Strategy - BITW was initially launched in 2017 as the first crypto index fund, aiming to track the Bitwise 10 Large Cap Crypto Index, which includes the 10 largest crypto assets by market capitalization [2][4]. - Under its new ETP structure, BITW will allocate 90% of its holdings to major crypto assets like Bitcoin, Ether, Solana, and XRP, while capping other crypto assets at 10% [6]. - The fund employs active screening and monthly rebalancing to ensure it captures the investable crypto asset market opportunity [5]. Market Position and Adoption - The uplisting of BITW is seen as a watershed moment for the crypto market, indicating the asset class's rapid adoption into mainstream investing [5]. - The index approach allows investors to gain exposure to the crypto market without needing to predict which assets will succeed [4]. Asset Allocation - As of the uplisting, BITW's holdings included Bitcoin (74.34%), Ether (15.55%), XRP (5.17%), Solana (3.07%), and several other smaller allocations [7].