On December 9, 2025, Bitwise Asset Management announced that its Bitwise 10 Crypto Index Fund (BITW) has received approval from the U.S. Securities and Exchange Commission (SEC) to uplist and begin trading on the NYSE Arca as an Exchange-Traded Product (ETP). This move transitions one of the oldest crypto index funds, launched in 2017 (with some sources citing 2020), from the over-the-counter (OTC) market to a fully regulated exchange.
The $1.25 billion fund tracks the 10 largest cryptocurrencies by market capitalization using a rules-based methodology with monthly rebalancing. The uplisting is expected to significantly enhance liquidity, pricing efficiency, and accessibility for a broader range of investors, including financial advisors, retirement platforms, and institutional players. It is positioned as the second U.S.-listed multi-asset crypto index ETP, following a similar move by Grayscale earlier in 2024.
Despite the modernized wrapper, the fund's risk profile remains unchanged. BITW does not register under the Investment Company Act of 1940, meaning it lacks the specific protections and oversight of traditional '40 Act ETFs. It operates as a pass-through vehicle, offering indirect exposure to its underlying volatile assets, and the fund warns investors could lose their entire investment.
The fund's holdings reveal the heavy concentration of the crypto market. At the time of uplisting, nearly 90% of the index's value was dependent on just two assets: Bitcoin (BTC) at 74.34% and Ethereum (ETH) at 15.55%. The remaining eight assets, including XRP (5.17%), Solana (SOL) (3.07%), Cardano (ADA), Chainlink (LINK), and Avalanche (AVAX), collectively constitute less than 10%.
Bitwise executives hailed the approval as a watershed moment. CIO Matt Hougan stated, "Most investors we meet are convinced crypto is here to stay, but they don’t know who the winners will be... The index approach is a way for people to invest in the thesis without having to predict the future." CEO Hunter Horsley added, "We believe index investing through BITW will become one of the most popular ways for investors to get exposure."
The uplisting occurs amid notable market momentum, with core holdings like Bitcoin and Ethereum posting significant gains. Analysts view this development as part of the rapid maturation of the crypto ETF/ETP market, which is evolving beyond simple holding strategies into more sophisticated, tactical institutional products.
ZEC
XMR
DASH
BNB