Bitwise Asset Management, a trusted partner to individuals, asset managers, family offices, and institutions in navigating cryptocurrency, is in the process of getting its digital asset index fund listed on OTC Markets (OTCQX).
Bitwise informed investors on March 27, 2020, that it’s currently working toward listing shares of the Bitwise 10 Index Fund on OTCQX. The listing will be made according to, or in compliance with the US Securities and Exchange Commission (SEC)-regulated Alternative Reporting Standards.
Hunter Horsley, CEO at Bitwise Asset Management, said that the company will be submitting a Form 211 with the Financial Industry Regulatory Authority (FINRA), a private US-based corporation that serves as a self-regulatory organization (SRO).
Bitwise says that the approval could be granted during the second half of this year. Once the company has been given clearance, investors will be able to trade shares of the Bitwise crypto index fund on platforms offered by Charles Schwab or TD Ameritrade.
It will notably be the first index product that will be publicly tradable via brokerage accounts. The new product should make trading simpler for investors, as they will be able to use traditional methods to trade shares of the crypto index fund.
The index fund will also open up a secondary market for investors to trade the shares.
Bitwise will be working with OTC Markets to facilitate that second market, which will allow the fund’s shareholders to trade with the investing public. Non-accredited investors will also be able to access the shares.
The Bitwise 10 Index Fund includes Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ethereum Classic (ETC), XRP, Litecoin (LTC), EOS, Tezos (XTZ), Stellar Lumens (XLM), and Cardano (ADA).
Horsley confirmed that these assets collectively make up 85% of the crypto asset market (in terms of market capitalization).
In October of last year, Grayscale Investments, a subsidiary of the Digital Currency Group (DCG), was given regulatory clearance to list its own crypto asset index fund, called the Digital Large Cap Fund, on OTCQX.
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