The U.S. Securities and Exchange Commission has approved NYSE Arca’s plan to list and trade the Bitwise 10 Crypto Index ETF, completing a long-running review of how a multi-asset crypto fund can operate on a national securities exchange. The decision, dated November 18, 2025, turns Bitwise’s 10-coin index product into an exchange-traded fund available through standard brokerage accounts.
The move gives investors one ticker for diversified exposure to major digital assets such as bitcoin, ether, XRP and solana, while testing whether tighter safeguards can manage market manipulation, liquidity and custody risks. The structure and conditions are set out in a public SEC order that also updates NYSE Arca’s rulebook to reflect the fund’s design.
Inside the Bitwise index
The ETF tracks the Bitwise 10 Large Cap Crypto Index, a market-cap-weighted basket of ten leading cryptocurrencies. As of June 30, 2025, the underlying portfolio was dominated by bitcoin and ether, with smaller positions in XRP, solana, cardano, sui, chainlink, avalanche, litecoin and polkadot. The trust rebalances monthly so the mix keeps pace with changes in market value.
Under amended NYSE Arca Rule 8.500-E, at least 85 percent of the portfolio must be invested in crypto assets that already underpin other exchange-traded products approved by U.S. regulators, leaving no more than 15 percent for additional index constituents without that history. The product uses benchmark pricing to calculate net asset value once per day and carries a 2.5 percent annual expense ratio, high by equity ETF standards but broadly in line with existing crypto funds.
New era for crypto indexes
The Bitwise decision arrives in a market that already features spot bitcoin and ether ETFs and, since September 18, 2025, generic crypto ETF rules that streamline how exchanges list commodity-based exchange-traded products.
For advisers and institutions, the Bitwise 10 ETF offers a straightforward way to allocate to large-cap crypto within existing model portfolios, while its trading, fee pressure and volatility will help determine how aggressively issuers and regulators pursue the next wave of multi-asset crypto funds.
The November ruling also follows events on July 22, 2025, when an earlier staff-level approval of Bitwise’s conversion bid was quickly stayed for full commission review. The final order replaces that initial action with a framework that links the index methodology, the exchange’s rules and the ETF’s risk controls, giving other issuers a clearer template for similar products.
