The cryptocurrency market has long lacked a broad, trusted benchmark similar to the Dow Jones or S&P 500. But with a major regulatory green light and Bitwise’s latest move, the industry may finally be getting its first true multi-asset index alternative.
Bitwise has launched trading for its newly converted exchange-traded product, the Bitwise 10 Crypto Index ETF (BITW), giving investors easy access to the 10 largest digital assets in a single, regulated investment vehicle.
A Single ETF Covering the Market’s Top Crypto Assets
BITW brings together a diversified basket of leading cryptocurrencies, including:
- •Bitcoin
- •Ethereum
- •XRP
- •Solana
- •Chainlink
- •Litecoin
- •Cardano
- •Avalanche
- •Sui
- •Polkadot
Bitwise CEO and co-founder Hunter Horsley told CNBC that this ETF makes Bitwise the first major asset manager to include altcoins like Cardano, Avalanche, Sui, and Polkadot—all of which currently lack spot ETFs—in a fully regulated ETF product.
“This step significantly broadens the investor base that can access various crypto assets,” Horsley said. “It’s especially important for assets without a spot ETF.” He added that BITW opens new doors for smaller investors using IRAs or pension plans that only allow ETF-based exposure.
From Index Fund to ETF: A Structural Upgrade
BITW wasn’t created from scratch—it existed as an index fund with the same holdings before being converted to an ETF. The fund now enters the stock market with $1.5 billion in assets under management, instantly making it one of the largest diversified crypto products available.
The transition to an ETF format unlocks key advantages:
- •Greater trading flexibility
- •Potential tax benefits
- •Lower operating costs
- •Access through a wider range of brokerage accounts
This development comes on the heels of the SEC’s historic approval of U.S. spot Bitcoin ETFs in January 2024, which triggered a wave of ETF applications across the market—from altcoins like Sui and Aptos to meme-inspired tokens such as Dogecoin.
A Broader Crypto Market Indicator Begins to Form
As digital assets mature and develop unique market behaviors, products like BITW may serve the same role as equity indices: simplified diversification for investors who want broad exposure without picking individual tokens.
“Many investors following Bitcoin ETFs are looking for a more comprehensive digital asset solution,” Horsley said. “BITW arrives at the perfect time.”
Portfolio Weighting: Focus on Market Leaders
Despite covering 10 assets, BITW remains heavily weighted toward the market’s largest players.
- •90% of the fund is allocated to Bitcoin, Ethereum, Solana, and XRP—each of which already has its own ETF presence.
- •The other 10% is distributed across smaller altcoins, ensuring limited exposure while still capturing growth potential.
BITW will rebalance monthly, offering a more dynamic update cycle compared to the typical quarterly or semiannual rebalancing seen in most traditional ETFs.