PANews reported on November 15 that according to official news, asset management company Bitwise announced that the New York Stock Exchange Arca has submitted a 19b-4 form to apply for the listing of the crypto index fund Bitwise 10 Crypto Index Fund (BITW) as an ETP. This application is the latest move in Bitwise's ongoing efforts to convert a $1.3 billion publicly traded trust into an ETP structure. BITW's shares are currently traded on the OTCQX Best Market.

According to Bitwise, the ETP structure provides many benefits to shareholders, including greater efficiency and regulatory protection. Notably, ETPs continuously accept subscriptions and redemptions at net asset value (NAV), creating an arbitrage mechanism that enables funds to trade on the secondary market in a manner more closely related to their NAV.

The Bitwise 10 Crypto Index Fund holds the 10 largest cryptocurrency assets, ranked and weighted by market cap. As of October 31, 2024, the fund holds the following assets: Bitcoin (75.1%), Ethereum (16.5%), Solana (4.3%), XRP (1.6%), Cardano (0.7%), Avalanche (0.6%), Bitcoin Cash (0.4%), Chainlink (0.4%), Uniswap (0.3%), Polkadot (0.3%),