BITW Shifts Strategy: Dumps Crypto Assets into Single-Coin ETPs
BITW is making a major portfolio pivot—and it's not looking back. The firm announced plans to reallocate the bulk of its crypto holdings into existing single-coin exchange-traded products (ETPs). This isn't a dip-buying spree; it's a structural overhaul.
The Liquidity Play
Forget complex multi-asset baskets. The move channels capital into straightforward, single-asset vehicles. It streamlines exposure, cuts through the noise of fund-of-funds complexity, and taps directly into the established liquidity of dedicated ETPs. Think of it as swapping a custom-built engine for a high-performance stock model—less tinkering, more predictable horsepower.
What It Means for the Market
This isn't just an internal reshuffle. It signals a maturation in institutional crypto tactics. Capital is flowing toward simpler, more transparent instruments. It bypasses the operational headaches of direct custody for the relative ease of a regulated wrapper—a classic case of Wall Street choosing the paved road over the crypto frontier trail, even if the tolls are higher.
The move underscores a relentless drive for efficiency, even if it feels like another step toward turning revolutionary assets into just another line item on a traditional balance sheet. After all, what's the point of decentralizing finance if we're just going to re-centralize it into the same old fund structures?
BITW will give most of its crypto assets to existing single-coin ETPs
With its new ETP structure, BITW will allocate 90% of its crypto assets to existing single-coin ETPs, which currently include Bitcoin, Ether, Solana, and XRP. The remaining 10% will comprise crypto assets that are not part of these four coins. If other crypto coins receive the same legal approval as BTC, ETH, SOL, and XRP, BITW will categorize them in the 90% category.
With this move, investors can now easily diversify their portfolios by investing in a single exchange-traded product that covers several major cryptocurrencies. As such, this ETF offers a significant advantage over traditional individual crypto ETFs, as it streamlines the investment process and reduces the complexity associated with managing multiple crypto assets.
It may also influence trading access and liquidity; however, the actual effects will depend on market participation over time.
The amount of crypto represented by a Share will continue to be reduced during the Fund’s life due to the transfer of the Fund’s crypto to cover the Sponsor’s management fee and other extraordinary expenses, such as litigation costs. This will happen whether the price of the Shares goes up or down when the price of crypto changes.
Hunter Horsley, CEO of Bitwise, stated, “This is a watershed moment for crypto as an asset class. With BITW uplisting as an ETP today, crypto finally has a NYSE-traded index fund. We believe index investing through BITW will become one of the most popular ways for investors to get exposure.”
Additionally, as part of the conversion, several agreements were entered into. They cover a wide range of topics, including prime execution, trade financing, and master purchase and sale arrangements for digital assets, as well as cash custody, marketing, fund administration and accounting, and transfer agency and registrar services.
The trust also entered into agreements with authorized participants and trading counterparties.
ALPS | O’Shares ETFs to transfer listing to NYSE Arca
In other news, SS&C ALPS Advisors has also announced plans to transfer the listing of the ALPS | O’Shares US small-cap quality dividend ETF, O’Shares US quality dividend ETF, O’Shares global internet giants ETF, and O’Shares International Developed Quality Dividend ETF from the Cboe BZX Exchange, Inc. to the NYSE Arca, Inc.
However, no shareholder action is required as a result of this change. According to SS&C ALPS advisors, the ETFs will begin trading on the NYSE Arca under their current ticker symbols on or about December 30, 2025. However, this date is subject to change.
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