The Bitwise 10 Crypto Index Fund has been approved by the SEC to list on NYSE Arca, becoming the second multi-asset crypto ETP in the United States

Bitwise announced that its $1.25 billion Bitwise 10 Crypto Index Fund has been officially approved by the U.S. Securities and Exchange Commission (SEC) to upgrade from an over-the-counter (OTC) to a regulated exchange-traded product (ETP) and has begun trading on NYSE Arca. This move marks a further step towards mainstream financial markets for U.S. crypto asset index products, which is expected to attract more institutional investors to participate.

The Bitwise 10 Crypto Index Fund is the second fully regulated multi-asset crypto ETP in the United States, having previously been listed by Grayscale in 2024. The fund has been operating as an OTC product since its launch in 2020, and this upgrade will significantly enhance market accessibility, enabling financial advisors, retirement platforms, and institutional investors to allocate crypto assets within the framework of traditional exchanges.

The fund adopts a rules-based index construction methodology, covering the top 10 cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Solana, XRP, etc., and is screened monthly based on market capitalization and liquidity to ensure that the portfolio reflects changes in market structure. For investors looking to capture the overall market performance of crypto assets without having to pick a single token, these ETPs offer a simplified and compliant investment path.

Bitwise CEO Hunter Horsley said that this approval is a significant milestone in the industry, as it is the first time that a crypto asset has gained wider recognition within the NYSE system through an index fund. Chief Investment Officer Matt Hougan also emphasized that regulated exchange structures allow investors to systematically participate in the long-term growth of the crypto industry without having to predict the future movements of a single asset.

The SEC’s approval is officially effective after a delay in review in early 2024. According to regulatory filings, NYSE Arca’s rule changes were approved on December 4, 2024, paving the way for the fund’s listing. The regulated ETP structure aligns with traditional commodity and equity ETPs, addressing key hurdles at custody, taxation, and compliance levels, making it more suitable for institutional investment standards.

With Bitwise and Grayscale’s multi-asset crypto ETPs officially gaining regulatory status in the United States, investors no longer have to rely on overseas funds or less liquid OTC products. This listing strengthens the position of crypto assets in traditional capital markets and also indicates that more index crypto ETPs are expected to enter mainstream US exchanges in the future.