NYSE Arca Files Form 19b-4 for Bitwise Bitcoin and Ethereum ETP
San Francisco • November 26, 2024
Bitwise Asset Management, a crypto specialist asset manager with over $11 billion in client assets, announced today that NYSE Arca has filed to list a Bitwise exchange-traded product (ETP) that would feature exposure to both spot bitcoin and ether, weighted by market capitalization. Per the filing, the ETP would directly hold both assets.
The ETP’s launch is pending approval of the Form 19b-4 filing as well as the effectiveness of a Form S-1 registration statement.
Bitcoin and ether are the world’s two largest crypto assets, with a combined market cap of $2.25 trillion—roughly 70% of the $3.2 trillion global crypto market. Importantly for investors, the two assets have distinct use cases, fundamental drivers, and historical return patterns. As the first and largest crypto asset, bitcoin is viewed primarily as a monetary asset or digital store of value whose underlying blockchain is optimized for security. Ether, on the other hand, fuels the Ethereum blockchain, the dynamic software platform that has become home to some of crypto’s biggest real-world use cases: stablecoins, decentralized finance (DeFi), non-fungible tokens (NFTs), tokenization, and more.
“Bitcoin and ether aren’t competitors any more than gold and tech stocks are competitors,” said Bitwise CIO Matt Hougan. “So when investors ask us which is better to add to their portfolio, often our answer is ‘both.’ This fund aims to make that recommendation easy and actionable, providing balanced exposure to the world’s two largest crypto assets. I think it’s going to be a huge hit with investors.”
The 19b-4 filing is the latest in a series of highlights for Bitwise. During 2024, the firm:
launched spot Bitcoin and spot Ethereum ETPs that have collectively amassed $4.2 billion in assets to date;
acquired European crypto asset manager ETC Group and institutional staking provider Attestant;
filed an S-1 for an XRP ETP;
launched an Aptos staking ETP in Europe;
filed to uplist the world’s largest crypto index fund to become an ETP;
launched a staking service for Ethereum Layer 2 blockchain Starknet; and
filed a 19b-4 for a spot Solana ETP.
Today, Bitwise’s suite includes ETPs, index funds, alpha and SMA strategies, and staking solutions spanning over 30 products in the U.S. and Europe. Since 2017, Bitwise has served as a specialist partner to thousands of investment professionals and financial institutions looking to understand and access crypto assets.
About Bitwise
Bitwise Asset Management is the largest crypto index fund manager in America. Thousands of financial advisors, family offices, and institutional investors partner with Bitwise to understand and access the opportunities in crypto. For seven years, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETFs, separately managed accounts, private funds, and hedge fund strategies. Bitwise is known for providing unparalleled client support through expert research and commentary, its nationwide client team of crypto specialists, and its deep access to the crypto ecosystem. The Bitwise team of more than 90 professionals combines expertise in technology and asset management with backgrounds including BlackRock, Millennium, ETF.com, Meta, Google, and the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and has been profiled in Institutional Investor, Barron’s, Bloomberg, and The Wall Street Journal. It has offices in San Francisco, New York, and London.
