The U.S. Securities and Exchange Commission has approved Bitwise’s BITW as the United States’ second crypto index exchange-traded product (ETP), with the fund set to begin trading on NYSE Arca. BITW provides diversified exposure to the 10 largest digital assets, including Bitcoin and Ethereum, and will rebalance monthly on the NYSE Arca exchange. The product joins NYSE Arca’s regulated lineup of ETPs, alongside funds tied to gold and other commodities, offering institutional investors a familiar wrapper for crypto exposure.
The listing was described as a watershed moment for crypto indices and a meaningful step toward broader institutional participation in digital assets. Bitwise CEO Hunter Horsley stated, “Crypto has reached a turning point as BITW begins trading as an NYSE-listed ETF,” underscoring the shift toward regulated index exposure. Bitwise Chief Investment Officer Matt Hougan called the NYSE Arca transition a watershed moment, noting that investors can access the space through a single, regulated vehicle without direct token exposure. BITW will rebalance monthly based on market capitalization and liquidity filters to maintain representative exposure.
Final approvals followed NYSE Arca’s rule-change proposal becoming effective on December 4, 2024, allowing BITW to list on the exchange as a regulated crypto index ETF. BITW tracks approximately $1.25 billion in exposure to the top 10 digital assets, enabling broader institutional participation in crypto indices, with the fund’s monthly rebalancing designed to reflect market dynamics.
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