Here is why Bitwise wants to convert its $1.3 billion crypto index fund to an ETF
Bitwise Asset Management is preparing to enhance its crypto product lineup by converting the Bitwise 10 Crypto Index Fund (BITW) into an exchange-traded fund (ETF), according to a Nov. 14 statement.
Bitwise revealed that NYSE Arca has filed to uplist BITW as the first crypto index fund to achieve ETF status. This marks a significant step in transitioning the $1.3 billion publicly traded trust into an exchange-traded product (ETP). Until the transformation is complete, BITW shares will continue trading on the OTCQX Best Market.
Launched in 2017, the BITW Fund offers a diversified portfolio of 10 major cryptocurrencies with varying weightings. As of Nov. 14, Bitcoin dominates the fund at 75%, followed by Ethereum at 16.2% and Solana at…
