On the 9th of December, Bitwise Asset Management announced that the world’s longest-running crypto index fund, the Bitwise 10 Crypto Index ETF (BITW), will uplist to the NYSE Arca as an Exchange-Traded Product (ETP).
Launched in 2017 to track the 10 largest crypto assets, this move is more than a simple venue change.
This move marks a major structural upgrade, shifting one of crypto’s oldest diversified funds from the opaque over-the-counter (OTC) market to a fully regulated exchange.
Bitwise’s multiple crypto ETF filings
The uplisting to NYSE Arca is expected to significantly enhance liquidity and pricing efficiency for investors seeking broad exposure to the digital asset market.
While BITW’s move to an NYSE Arca ETP boosts liquidity and efficiency, its structure still presents important caveats.
BITW does not register under the Investment Company Act of 1940, so it lacks the protections and oversight that traditional ETFs receive.
It operates as a pass-through crypto vehicle, giving investors indirect exposure to highly volatile assets.
In simple terms, the wrapper becomes more mainstream, but the risk profile stays the same, and the fund clearly warns that investors could lose their entire investment.
Execs weigh in
Remarking on the same, Matt Hougan, CIO of Bitwise, said,
“Most investors we meet are convinced crypto is here to stay, but they don’t know who the winners will be or how many will succeed.”
He added,
“The index approach is a way for people to invest in the thesis without having to predict the future, knowing that BITW will own the largest, most successful assets in the space (by market capitalization), whatever they happen to be.”
Echoing similar sentiments, Hunter Horsley, CEO of Bitwise, added,
“We believe index investing through BITW will become one of the most popular ways for investors to get exposure. Bitwise has an eight-year track record of providing access to this space for investors, and we’re thrilled to continue that work today.”
Asset allocation
A review of BITW’s current holdings reveals the persistent concentration of the crypto market, even though the fund is positioned as a diversified vehicle.
At the time of uplisting, the fund held 10 assets, but Bitcoin dominated with 74.34%, followed by Ethereum [ETH] at 15.55%.
As a result, nearly 90% of the index’s value depends on just two cryptocurrencies.
The remaining eight assets contribute far less: XRP held 5.17%, Solana held 3.07%, and smaller positions in Cardano [ADA], Chainlink [LINK], and Avalanche [AVAX] collectively form under 10%.
Through this structure, Bitwise aims to replace crypto’s “Wild West” reputation by imposing a strict, rules-based framework that adds institutional credibility to its index.
Impact on token price and more
The uplisting of BITW comes amidst a period of notable market momentum, with its core holdings showing significant 24-hour gains.
For instance, Bitcoin climbed by 2.63% to $92,577.03, and Ethereum [ETH] leaped 6.8% to $3,320.83.
The remaining eight assets, including major altcoins like XRP, hiked 0.87%, SOL lifted up by 3.51%, and ADA surged 8.78% in the past 24 hours as per CoinMarketCap.
However, the market is already shifting towards the next frontier of complexity.
As one Bloomberg analyst, Eric Balchunas, recently noted, a novel U.S. ETF proposal is seeking approval for a highly specialized, timing-based Bitcoin strategy, buying only after U.S. markets close and selling at the open.
This strategy, based on the observed “overnight premium” historically captured during active Asian and European sessions, illustrates the rapid evolution of crypto financial products.
All these events combined signal that the crypto ETF market is quickly maturing beyond simple holding, transitioning into an era of sophisticated, tactical institutional strategies.
Final Thoughts
- BITW’s uplisting marks a major institutional milestone, shifting diversified crypto exposure from opaque OTC trading to a regulated, liquid NYSE Arca product.
- Despite a modernized wrapper, the risk profile remains unchanged, as BITW is not a ’40 Act ETF and still offers indirect exposure to highly volatile assets.
