8-K: Bitwise 10 Crypto Index ETF Lists on NYSE Arca

Bitwise 10 Crypto Index ETF successfully converts to an exchange-traded fund and begins trading on NYSE Arca, enhancing accessibility for investors.

Summary

• Bitwise 10 Crypto Index ETF completed its conversion to an exchange-traded fund (ETF) on December 8, 2025.
• The Shares were approved for listing and trading on NYSE Arca, Inc. (the Exchange) on December 8, 2025.
• Trading of the Shares on the Exchange commenced on December 9, 2025.
• Following the conversion, the Trust's Shares were withdrawn from quotation on OTCQX.
• The conversion involved entering into several new material service provider agreements, including Cash Custody, Marketing Agent, Custodian, Prime Execution, Trade Financing, Transfer Agency, Fund Administration, Co-Transfer Agency, Authorized Participant, and Master Purchase and Sale Agreements for Digital Assets.
• Shares can now only be created and redeemed by Authorized Participants, as detailed in the Prospectus dated December 8, 2025.

Sentiment

Score: 8

Explanation: The successful conversion to an ETF and listing on a major exchange represents a significant positive strategic development, enhancing market access and liquidity for the product. This is a planned and executed corporate action that is generally viewed favorably by the market.

Positives

• The conversion to an ETF structure is expected to increase liquidity and broaden investor access to the Bitwise 10 Crypto Index.
• Listing on NYSE Arca, a major stock exchange, provides enhanced regulatory oversight and transparency compared to OTCQX.
• The new service agreements establish a robust operational framework for the ETF, aligning with industry standards for exchange-traded products.

Negatives

• The creation and redemption process for shares is now restricted to Authorized Participants, which differs from the previous structure on OTCQX.

Risks

• Shareholders are encouraged to read the Prospectus dated December 8, 2025, for a comprehensive description of the Trust's operations as an exchange-traded product and associated risks.

Future Outlook

The Trust is now operating as an exchange-traded product, with shares listed and trading on NYSE Arca. This conversion is expected to provide greater accessibility and liquidity for investors interested in the Bitwise 10 Crypto Index.

Management Comments

• Paul Fusaro, Chief Operating Officer and Secretary of Bitwise Investment Advisers, LLC, signed the report on behalf of the Sponsor of Bitwise 10 Crypto Index ETF.

Industry Context

This conversion aligns with a broader industry trend of increasing institutional adoption and regulatory acceptance of cryptocurrency investment products, particularly spot Bitcoin and broader crypto index ETFs. The move from an OTC-traded trust to a major exchange-listed ETF positions Bitwise to capture a wider investor base seeking regulated and accessible exposure to digital assets.

Comparison to Industry Standards

• The conversion from an OTCQX-quoted trust to an NYSE Arca-listed ETF brings the Bitwise 10 Crypto Index ETF in line with traditional exchange-traded products, offering similar transparency, liquidity, and regulatory oversight as other commodity or equity ETFs.
• This structure provides a more efficient and accessible investment vehicle compared to direct cryptocurrency holdings or less regulated over-the-counter products, mirroring the evolution seen in gold or silver ETFs which transitioned from less accessible forms to widely traded exchange products.

Corporate Governance

Stakeholder Impact

• Shareholders: Gain increased liquidity and broader market access through NYSE Arca listing, but must now refer to the Prospectus for details on the new ETF operations.
• Authorized Participants: Are now the exclusive entities for creating and redeeming shares, establishing a new operational relationship with the Trust.
• Investors: Benefit from a more regulated and transparent investment vehicle for exposure to the Bitwise 10 Crypto Index.

Next Steps

• Shareholders are encouraged to read the Prospectus dated December 8, 2025, for a full description of the Trust's operations as an exchange-traded product.
• The Shares will continue to trade on NYSE Arca, Inc.

Key Dates

Recommendation

The conversion to an ETF and listing on NYSE Arca is a significant positive structural development, enhancing accessibility and liquidity. However, this filing does not contain new financial performance data to warrant a 'buy' or 'strong buy' recommendation. For existing investors, it reinforces the long-term viability and market integration of the product, suggesting a 'hold' position. New investors should conduct further due diligence on the underlying assets and market conditions.

Keywords

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