The SEC approved the conversion of Bitwise’s 10 Crypto Index Fund (BITW) into an exchange-traded product, with trading commencing on NYSE Arca. The “second” U.S. crypto index ETP label is a misattribution, as earlier multi-asset approvals and regulatory changes had already reshaped the ETP landscape.
Regulatory breakthroughs unfolded across 2024–2025, shifting the debate from whether to buy crypto to how much to hold. Two diversified crypto index ETPs — the Hashdex Nasdaq Crypto Index US ETF and the Franklin Crypto Index ETF — received SEC approval in dec. de 2024, predating Bitwise’s conversion. Spot Bitcoin products launched in ene. de 2024 and spot Ethereum vehicles followed in jul. de 2024, creating single-asset precedents that differed from later multi-asset offerings.
A further milestone came in sep. de 2025 when a large multi-crypto product, the Digital Large Cap Fund (GDLC), secured regulatory approval. In jul. de 2025 the SEC adopted a rule change allowing in‑kind creations and redemptions for crypto ETPs, a mechanism that permits physical exchange of the underlying tokens between the fund and authorized participants rather than cash settlement, potentially reducing frictions in creation/redemption and affecting how funds manage inventory and liquidity. By oct. de 2025 the market for crypto ETPs had grown to exceed $20 billion, illustrating investor appetite for regulated on‑ramp products.
Taken together, these steps show a non‑linear regulatory progression: early single‑asset approvals established mechanics, regulatory easing on in‑kind settlement addressed operational frictions, and multi‑asset products followed.
BITW product details, conversion saga and implications
Bitwise’s 10 Crypto Index Fund tracks a basket of ten cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin and Polkadot. The fund’s path to ETF status included an initial “accelerated approval” by the SEC in jul. de 2025 that was stayed hours later under Rule 431(e) for further review. That pause briefly roiled markets, with one report noting an approximate 6% drop in XRP amid the regulatory uncertainty.
The conversion from trust to ETF completed with trading beginning on 9 de dic. de 2025 on NYSE Arca. The product’s arrival followed earlier multi‑asset approvals, making Bitwise a subsequent entrant rather than the originator of U.S. diversified crypto index ETPs.
Multi‑asset ETPs offer a regulated, consolidated exposure that can simplify allocation and execution compared with buying individual tokens. The allowance for in‑kind creations and redemptions reduces a structural source of cash/NAV mismatches, potentially improving operational efficiency for authorized participants. Market participants should treat flows into these products as a liquidity and allocation signal, while noting that regulatory reversals or pauses can still produce rapid repricing in sensitive altcoins.
Bitwise’s BITW completes a conversion process that began amid regulatory starts and stops, joining a series of multi‑asset ETPs that cumulatively shifted institutional access to digital assets.
