8-K: Bitwise 10 Crypto Index Fund Converts to ETF, NYSE Arca

Bitwise 10 Crypto Index Fund is converting to an ETF and plans to list its shares on NYSE Arca under the symbol BITW around December 9, 2025.

Summary

• The Bitwise 10 Crypto Index Fund is converting to the Bitwise 10 Crypto Index ETF.
• A Certificate of Amendment was filed on December 3, 2025, to change the Trust's name.
• A First Amended and Restated Trust Agreement was entered into on December 3, 2025, which will become effective upon the shares' listing and trading on NYSE Arca.
• The amended Trust Agreement reflects the name change and includes modifications necessary for an exchange-traded product, such as changes to management fee calculation and the ability to create/redeem shares with Authorized Participants using crypto assets or cash.
• The shares are expected to list and begin trading on NYSE Arca under the new name and trading symbol BITW on or about December 9, 2025, subject to regulatory approvals.
• Upon listing on NYSE Arca, the shares are expected to cease being quoted on the OTCQX Best Market.

Sentiment

Score: 7

Explanation: The conversion to an ETF and listing on NYSE Arca are generally positive developments for accessibility and liquidity in the crypto investment space. However, the explicit risk of non-listing or delays due to regulatory approvals tempers the overall sentiment, preventing a higher score.

Positives

• Conversion to an Exchange-Traded Fund (ETF) structure, which typically offers greater accessibility and liquidity.
• Expected listing on NYSE Arca, a major stock exchange, which can broaden the investor base and enhance market visibility.
• The new trading symbol BITW is established for the ETF.
• The ability for Authorized Participants to create and redeem shares with crypto assets or cash is introduced, improving market efficiency and arbitrage mechanisms.

Negatives

• Shares will cease to be quoted on the OTCQX Best Market, which may affect current investors who access the product through that platform.
• The listing on NYSE Arca is subject to regulatory approvals and is not guaranteed to occur on the anticipated timeline, or at all.

Risks

• No assurance can be given that the Shares will list and trade on the Sponsors anticipated timeline, or at all, on NYSE Arca.
• The conversion and listing are subject to the receipt of certain regulatory approvals, which could delay or prevent the planned listing.

Future Outlook

The shares are expected to be listed and begin trading on NYSE Arca under the new name and trading symbol BITW on or about December 9, 2025, subject to regulatory approvals. Upon listing, the shares will cease to be quoted on the OTCQX Best Market.

Management Comments

• "No assurance can be given that the Shares will list and trade on the Sponsors anticipated timeline, or at all."

Industry Context

This conversion reflects a broader trend in the digital asset industry towards greater institutional adoption and regulatory clarity, with many crypto funds seeking to transition to the more accessible and regulated ETF structure on major exchanges. The move to NYSE Arca positions Bitwise alongside other mainstream financial products, potentially attracting a wider range of investors and enhancing the legitimacy of crypto as an asset class.

Comparison to Industry Standards

• The conversion of a crypto index fund to an ETF and listing on a major exchange like NYSE Arca aligns with the industry's push for regulated and accessible crypto investment vehicles, following the path of other successful spot Bitcoin ETFs and similar digital asset products that have launched or are awaiting approval.
• This move aims to provide a similar level of liquidity and regulatory oversight as traditional equity ETFs, contrasting with less regulated OTC markets and offering a more familiar investment structure for institutional and retail investors.
• The ability to create and redeem shares with Authorized Participants using crypto assets or cash is a standard feature of physically-backed ETFs, ensuring the ETF's price closely tracks its underlying assets.

Corporate Governance

Stakeholder Impact

• Shareholders: Will benefit from increased accessibility and liquidity due to the NYSE Arca listing, potentially attracting a broader investor base. Current OTCQX investors will need to transition to the new listing venue.
• Investors: Gain easier access to a regulated crypto investment product through a major exchange, potentially increasing confidence and ease of investment.
• Sponsor (Bitwise Investment Advisers, LLC): Stands to gain enhanced market presence and potential for increased assets under management due to the ETF structure and major exchange listing, aligning with industry trends.

Next Steps

• Receipt of necessary regulatory approvals for the NYSE Arca listing.
• Listing and commencement of trading of Shares on NYSE Arca under the symbol BITW on or about December 9, 2025.
• Cessation of quoting of the Shares on the OTCQX Best Market.

Key Dates

Recommendation

The conversion to an ETF and listing on NYSE Arca are positive structural developments that could lead to increased liquidity and broader investor appeal. However, the explicit cautionary statement regarding the uncertainty of regulatory approval and the actual listing timeline introduces a degree of risk. Investors should hold and monitor the successful completion of the listing and subsequent trading activity before making further investment decisions, as the 'no assurance' clause warrants caution.

Keywords

Bitwise, Crypto ETF, NYSE Arca, BITW, Digital Assets, Exchange Traded Fund, Cryptocurrency, SEC Filing, 8-K, Index Fund Conversion