Bitwise’s crypto fund has just become the second crypto index to begin trading, letting individual traders and institutions access to multiple cryptocurrencies in a single investment vehicle. .

The Bitwise 10 Crypto Index Fund (BITW), a $1.25 billion vehicle tracking the 10 largest digital assets, received the U.S. Securities and Exchange Commission (SEC)’s approval to begin trading Tuesday on NYSE Arca as an exchange-traded product (ETP).

It is the second U.S.-listed multi-asset crypto index fund to be approved as a full ETP, following Grayscale’s ETP approval in July, moving beyond over-the-counter trading into a regulated exchange listing. The fund, originally launched in 2020, offers diversified exposure to Bitcoin BTC$93,787.51, Ether ETH$3,368.33, Solana SOL$143.56, XRP and other top cryptocurrencies, rebalanced monthly based on market capitalization and liquidity filters.

"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," said Hunter Horsley, CEO of Bitwise.

As a regulated ETP, BITW now joins the same structure used by gold, oil and commodity funds, a milestone that could bring more institutional capital into crypto indices, and potentially ease operational risks for traditional allocators wary of direct token exposure.

“BITW’s transition to NYSE Arca is a breakthrough moment,” said Bitwise Chief Investment Officer Matt Hougan in the company’s release. “It lets people invest in the thesis without having to predict the future, knowing that BITW will own the largest, most successful assets in the space.”

The SEC’s approval followed a delayed review earlier this year. Final sign-off came after NYSE Arca’s proposed rule change to allow listing the product was certified effective on Dec. 4, 2024, according to the regulatory body’s approval document.