According to official sources, asset management company Bitwise announced that Arca on the New York Stock Exchange has submitted Form 19b-4, applying to list the crypto index fund Bitwise 10 Crypto Index Fund (BITW) as an ETP. This application is the latest move by Bitwise to continue its efforts to convert publicly traded trusts worth $1.3 billion into an ETP structure. BITW's stocks are currently trading on the OTCQX Best Market.
According to Bitwise, the ETP structure brings many benefits to shareholders, including higher efficiency and regulatory protection. It is worth noting that ETP continues to accept subscriptions and redemptions based on net asset value (NAV), creating an arbitrage mechanism that allows funds to trade in the secondary market in a more closely related manner to their NAV.
The Bitwise 10 Crypto Index Fund holds the top 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%), Polkadot (0.3%)
