Bitwise Brings Crypto Index Investing to the NYSE

The U.S. crypto investment landscape took another significant step into the financial mainstream as Bitwise’s flagship multi-asset crypto fund officially began trading as a regulated exchange-traded product, giving investors new access to diversified digital asset exposure through a single exchange-listed vehicle.

The Bitwise 10 Crypto Index Fund (BITW), a $1.25 billion product tracking the 10 largest cryptocurrencies by market capitalization, received approval from the U.S. Securities and Exchange Commission to begin trading on the NYSE Arca. 

With the move, BITW becomes only the second U.S.-listed multi-asset crypto index to operate as a fully regulated exchange-traded product, following a similar approval granted earlier this year to a fund sponsored by Grayscale.

The listing places BITW alongside traditional commodity-based exchange-traded products tied to gold, oil, and other widely held assets—marking a milestone for crypto’s integration into conventional financial market infrastructure.

Also read: Bitwise’s Matt Hougan Says His Highest-Conviction Crypto Bet Isn’t Bitcoin or Ethereum—It’s the Entire Market

From OTC Product to Regulated ETP

Launched in 2020, BITW previously traded as an over-the-counter product, limiting access for some institutional allocators whose mandates restrict them to exchange-listed securities. 

The move to a regulated exchange structure dramatically broadens the fund’s potential investor base, opening the door to financial advisors, retirement platforms, and compliance-driven institutions.

BITW tracks the largest digital assets using a rules-based index methodology that incorporates both market capitalization and liquidity filters. Its current holdings include Bitcoin, Ether, Solana, XRP, and several other top-ranked cryptocurrencies. 

The portfolio is rebalanced monthly, allowing the fund to automatically adjust exposure as market leadership shifts within the digital asset sector.

“This is a watershed moment for crypto as an asset class,” said Bitwise chief executive officer Hunter Horsley. “With BITW uplisting as an ETP today, crypto finally has a NYSE-traded index fund.” 

Horsley framed the development as a long-awaited bridge between the crypto market and traditional financial infrastructure.

Institutional Access Without Direct Token Ownership

As a regulated ETP, BITW now operates within the same framework that governs many commodity and equity-linked exchange-traded products. 

For institutions that remain hesitant to hold digital tokens directly due to custody, tax, and regulatory concerns, the structure removes a major operational hurdle.

Bitwise chief investment officer Matt Hougan said the uplisting allows investors to express a long-term view on crypto adoption without attempting to pick individual winners in a volatile market. 

“BITW’s transition to NYSE Arca is a breakthrough moment,” Hougan said in the firm’s statement. “It lets people invest in the thesis without having to predict the future, knowing that BITW will own the largest, most successful assets in the space.”

For financial advisors and institutions accustomed to equity index investing, the product offers a familiar framework applied to a new asset class—one where diversification and passive allocation strategies have historically been harder to implement.

Regulatory Approval Followed Months of Delays

The SEC’s green light followed a delayed review process earlier this year. 

Final approval came after NYSE Arca’s proposed rule change to permit the product’s listing was certified as effective on Dec. 4, 2024, according to regulatory filings.

That procedural step marked the final regulatory hurdle for BITW’s transition from an OTC trust into a fully regulated exchange-traded product. 

Second U.S. Multi-Asset Crypto Index to List

Bitwise’s BITW now joins Grayscale’s recently approved multi-asset crypto ETP as the only two U.S.-listed products offering diversified index-style crypto exposure under full exchange oversight. 

Until recently, most American investors seeking similar exposure relied on offshore vehicles, private funds, or thinly traded OTC products.

Industry executives argue that index-based products are critical to the next phase of institutional participation in crypto. Rather than treating digital assets solely as speculative trades on individual tokens, multi-asset indices position crypto as a strategic portfolio allocation aligned with long-standing asset management practices.