Bitwise crypto index fund moves from over-the-counter to NYSE Arca for trading

Bitwises crypto index fund moves from OTC markets to NYSE Arca, marking another step in bringing diversified digital asset products onto regulated exchanges.

Bitwise Asset Managements 10 Crypto Index Fund (BITW) is moving from the over-the-counter market to NYSE Arca, a shift that brings crypto exposure further into mainstream trading infrastructure.

Beginning Tuesday, BITW is officially uplisted to NYSE Arca — one of the New York Stock Exchanges electronic markets for exchange-traded products — where it will trade as an exchange-traded product, the company announced.

Launched in 2017, BITW offers diversified exposure to the 10 largest cryptocurrencies by market capitalization, including Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP). The fund rebalances monthly to reflect changes in the broader crypto market.

Listing on NYSE Arca places a crypto-linked product on a major regulated securities exchange, the same type of venue where traditional exchange-traded funds (ETFs) trade. The move is expected to reduce friction for investors who may be hesitant to navigate crypto exchanges.

“Most investors we meet are convinced crypto is here to stay, but they dont know who the winners will be or how many will succeed,” said Bitwise chief investment officer Matt Hougan. “The index approach is a way for people to invest in the thesis without having to predict the future.”

Source: Matt Hougan

Bitwise was among the first issuers to receive approval for a spot Bitcoin ETF in January 2024. Its Bitwise Bitcoin ETF Trust (BITB) was one of the fastest 25 exchange-traded products to reach $1 billion in assets, hitting the milestone roughly a month after launch.

Related: Bitwise files for stablecoin, tokenization ETF with US SEC

Institutional adoption and market volatility

Institutional interest in digital assets has expanded rapidly since the approval of US spot Bitcoin ETFs in early 2024. The arrival of the more crypto-friendly Trump administration has further accelerated adoption through increased regulatory attention, new legislation and a federal mandate to support the industrys development.

At the same time, institutional investors have been reminded of the sectors inherent volatility, which remains elevated even as larger and more established participants enter the market.

Crypto markets saw their largest-ever liquidation event on Oct. 10, when roughly $19 billion in positions were wiped out. The resulting turbulence over the following month triggered sharp withdrawals and significant outflows from crypto exchange-traded products.

However, inflows have resumed in the last two weeks, with ETP inflows exceeding $1.7 billion over that period, according to CoinShares data.

Inflows into crypto ETPs flipped positive for two consecutive weeks.