Close Menu
    Bitcoin

    NYSE Arca seeks to list Bitwise 10 Crypto Index Fund and Grayscale’s Digital Large Cap Fund

    By No Comments2 Mins Read
    HI, What is a cryptocurrency ETF, and how does it work, C-man, coin, playing cubes

    30s Summary

    NYSE Arca is attempting to list the Bitwise 10 Crypto Index Fund, a new fund organised by Bitwise Asset Management that comprises ten different cryptocurrencies including Bitcoin, Ether, and Solana. The fund, which has a sizable Bitcoin holdings (75.1%), is part of Bitwise’s plan to convert its $1.3 billion trust into an exchange-traded product (ETP). Bitwise believes ETPs offer efficiency and security to shareholders. NYSE Arca has also filed to list Grayscale’s Digital Large Cap Fund.

    Full Article

    So, NYSE Arca is trying to list a new fund organized by Bitwise Asset Management that will contain a mix of 10 different digital currencies. This new move was launched on November 15 with NYSE Arca taking the step to list the Bitwise 10 Crypto Index Fund – a fund containing currencies including popular ones such as Bitcoin, Ether, Solana and others.

    This fund is pretty significant, boasting a sizeable chunk of Bitcoin (75.1%), as well as Ether (16.5%), Solana (4.3%) and XRP (1.6%) as of October 31 of this year.

    Bitwise’s CEO, Hunter Horsley, in a recent announcement stressed the importance of these funds (ETPs), calling them the most effective way to introduce people to cryptocurrencies. This is because ETPs offer things like security and efficiency for shareholders. Basically, ETPs are great because they are able to take in and give back investments continually. Bitwise explained that this ongoing process creates a system that lets the fund be traded on other secondary markets.

    This move is a part of Bitwise’s plan to convert its very large $1.3 billion trust into an ETP. This is being seen as a sensible move by experts, but also one that’s far from guaranteed. In fact, Eric Balchunas, a well-known Bloomberg analyst, said while the move ‘makes sense’, it still requires further intel before making a final call.

    It’s worth noting too that NYSE Arca has also filed to list another big fund – Grayscale’s Digital Large Cap Fund. This fund, similar to the Bitwise 10 Crypto Index Fund, holds up major digital currencies including BTC, ETH, SOL, XRP and AVAX.

    Related Posts