NYSE Arca has submitted a proposal to the SEC to list the Bitwise 10 Crypto Index Fund as an exchange-traded fund (ETF). Announced on November 15, 2024, the filing seeks to transition Bitwise's $1.3 billion trust into a regulated ETF that holds a diversified portfolio of 10 cryptocurrencies. Currently, the fund allocates 75.1% to Bitcoin, 16.5% to Ether, and smaller portions to Solana, XRP, and several other cryptocurrencies. Bitwise CEO Hunter Horsley emphasized that exchange-traded products (ETPs) are the most efficient way to provide crypto exposure, noting the benefits of regulatory protections and enhanced shareholder engagement. He explained that ETPs allow for continuous subscriptions and redemptions, creating an arbitrage mechanism that links the fund's trading on secondary markets more closely to its net asset value. This filing follows NYSE Arca's previous application to list the Grayscale Digital Large Cap Fund as an ETF, which also focuses on a basket of key cryptocurrencies.

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