As a seasoned researcher with over two decades of experience in the financial markets, I find the recent move by Bitwise Asset Management to convert their $1.3 billion Bitwise 10 Crypto Index Fund into an exchange-traded product (ETP) intriguing and potentially groundbreaking. Having closely followed the evolution of cryptocurrencies since their inception, I have witnessed firsthand the transformative impact they’ve had on the financial landscape.
Bitwise 10 Crypto Index Fund, worth approximately $1.3 billion, has been proposed for listing by NYSE Arca, with the goal of transforming it into a tradable security on an exchange.
The financial group NYSE (New York Stock Exchange) has submitted an application for NYSE Arca to list the $1.3 billion Bitwise 10 Crypto Index Fund, signifying a significant milestone in Bitwise Asset Management’s endeavor to convert the fund into an exchange-traded commodity.
On November 15, the investment company declared in their blog that transforming into an Exchange-Traded Product (ETP) would bring regular subscription and redemption based on Net Asset Value (NAV). This mechanism aims to make secondary market prices more closely reflect the fund’s actual worth.
In our viewpoint, Exchange-Traded Products (ETPs) are highly efficient, practical, and beneficial instruments for gaining cryptocurrency exposure. Rest assured that we continue to strive towards transforming BITW into an ETP.
Bitwise CEO Hunter Horsley
Bitwise to target broader Bitcoin access
2017 marked the inception of BITW, a platform designed to offer investment opportunities across the top 10 digital currencies such as Bitcoin (BTC) and Ethereum (ETH). The allocation of these assets within the fund is determined by their market capitalization, with Bitcoin currently accounting for approximately 75.1% and Ethereum making up around 16.5%.
According to Bitwise, this filing with NYSE Arca marks the beginning of their plan to increase involvement from both institutional and retail investors in the cryptocurrency market. Matt Hougan, who is the chief investment officer at Bitwise, highlights that BITW has opened up fresh avenues as it was the first fund to offer a comprehensive, index-based approach to the crypto market.
In the recent past, I’ve found myself reaffirming my optimistic stance on Bitcoin. Just a few weeks ago, I highlighted its potential for reaching unprecedented heights, predicting in a social media post that the value of each Bitcoin could potentially exceed $100,000.
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2024-11-18 10:30