The Bitwise 10 Crypto Index Fund received U.S. Securities and Exchange Commission approval to begin trading Tuesday on NYSE Arca as an exchange-traded product.
The $1.25 billion fund tracks the 10 largest digital assets.
BITW marks the second U.S.-listed multi-asset cryptocurrency index fund approved as a full ETP, following Grayscale's Digital Large Cap Fund approval in September.
Hunter Horsley, CEO of Bitwise, called the development a watershed moment for cryptocurrency as an asset class.
What Happened
The fund originally launched in November 2017 as a private placement.
Shares began trading over-the-counter on the OTCQX Best Market in December 2020.
NYSE Arca filed its proposed rule change in November 2024.
The SEC certified the rule change effective Dec. 4, 2024, according to the regulatory body's approval document.
BITW offers diversified exposure to Bitcoin, Ether, Solana, XRP and other top cryptocurrencies.
The fund rebalances monthly based on market capitalization and liquidity filters.
As of October 2024, Bitcoin comprised approximately 75% of fund holdings.
Ethereum accounted for roughly 16.5% of assets.
Solana, XRP, Cardano, Avalanche, Bitcoin Cash and Chainlink make up the remaining positions.
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Why It Matters
BITW now joins the same regulated structure used by gold, oil and commodity funds.
The transition could attract more institutional capital into cryptocurrency indices.
Matt Hougan, Bitwise chief investment officer, said the NYSE Arca transition is a breakthrough moment.
"It lets people invest in the thesis without having to predict the future," Hougan said in the company's release.
The ETP structure provides operational ease for traditional allocators wary of direct token exposure.
The SEC's approval follows Grayscale's pioneering multi-asset crypto ETP, which launched on NYSE Arca in September 2025.
Grayscale's Digital Large Cap Fund holds Bitcoin, Ethereum, XRP, Solana and Cardano.
The approval coincided with the SEC's adoption of generic listing standards for cryptocurrency ETPs.
This streamlines the approval process and lowers barriers for future issuers.
Analysts expect the new framework could lead to over 100 new cryptocurrency ETF launches within the next year.
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