- Bitwise proposes converting its $1.3B crypto fund to an ETP, enhancing efficiency and regulatory protections.
- Acquisition of Attestant adds $3.7B in staked ETH, boosting Bitwise’s portfolio to over $10B in client assets.
- Bitwise OS to offer staking, hedge fund solutions, and ETFs, meeting rising demand for diversified crypto products.
Bitwise Asset Management has disclosed that it is going to float its Bitwise 10 Crypto Index Fund on NYSE Arca. At the moment the $1.3 billion fund is quoted in OTCQX best Market. Proposal seeks to change the identity of BITW into an exchange traded product (ETP) for efficiency.
According to the Chief Executive Officer of the company, Hunter Horsley, ETPs provide investors with a safe means of investing in cryptocurrencies. He stated affirmatively that the outcome of the conversion would result in the introduction of regulation of the sector and arbitrage. This would enable the fund to trade relatively to its Net Asset Value (NAV).
BITW was launched in December 2017 because it is the first-ever crypto index fund. It tracks the 10 largest cryptocurrencies by market capitalization. Bitcoin is its largest holding at 75.1%, followed by Ethereum at 16.5%, and Solana at 4.3% as of October 2024. The fund has been available on the OTCQX market since 2020 and is registered on the SEC since 2021.
Ethereum Staking Gains Momentum with New Acquisition
In another major development, Bitwise has acquired Attestant Limited, a firm specializing in Ethereum staking. Attestant manages $3.7 billion worth of staked ETH. This acquisition strengthens Bitwise’s position in the rapidly growing staking market.
The company plans to use this acquisition to launch Bitwise OS, a new suite of on-chain products. These products will include professional staking services, hedge fund solutions, and exchange-traded offerings. With Attestant’s portfolio, Bitwise now oversees more than $10 billion in client assets.
Growing Demand for Crypto Solutions
Bitwise is capitalizing on the increasing popularity of Ethereum staking and the need for diversified crypto investment products. The ETP conversion of BITW and the addition of staking services signal Bitwise’s efforts to meet investor demand.
Both initiatives demonstrate the company’s focus on innovation and accessibility. Bitwise continues to expand its presence in the evolving digital asset market, offering new opportunities for investors.
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