Bitwise 10 Crypto Index Fund Secures SEC Approval to Trade as NYSE Arca ETP

Source: Cryptonews Original Title: Bitwise 10 Crypto Index Fund secures SEC nod to trade as NYSE Arca ETP Original Link:

Overview

Bitwise’s $1.25 billion 10-asset crypto fund has won SEC approval to uplist from OTC to NYSE Arca as a regulated exchange-traded product, providing institutions with index-style exposure to top cryptocurrencies.

Key Points

• SEC approves Bitwise 10 Crypto Index Fund to trade as an exchange-traded product on NYSE Arca following a delayed review, with the rule change certification effective on December 4, 2024
• The $1.25 billion rules-based fund tracks the 10 largest cryptocurrencies by market cap and liquidity, with monthly rebalancing
• Current holdings include Bitcoin, Ether, Solana, XRP, and other top-ranked cryptocurrencies
• Uplisting from OTC expands access for financial advisors, retirement platforms, and institutional investors requiring exchange-listed securities

Significance

The Bitwise 10 Crypto Index Fund has become the second U.S.-listed multi-asset crypto index to operate as a fully regulated exchange-traded product, following similar approval for a comparable fund earlier in 2024.

The fund previously operated as an over-the-counter product since its launch in 2020. The transition to a regulated exchange structure represents a watershed moment for crypto as an asset class, enabling investors to gain exposure to crypto adoption without selecting individual assets.

“This is a watershed moment for crypto as an asset class,” said Hunter Horsley, CEO of Bitwise. “With the fund uplisting as an ETP today, crypto finally has a NYSE-traded index fund.”

The regulated ETP structure operates within the same framework governing commodity and equity-linked exchange-traded products, addressing custody, tax, and regulatory concerns that have deterred some institutional investors from holding digital tokens directly.

Prior to these approvals, American investors seeking similar exposure relied on offshore vehicles, private funds, or over-the-counter products with limited liquidity.