What is BITW?
BITW (Bitwise 10 Crypto Index Fund) is the first and largest publicly traded crypto index fund in the US. It tracks the Bitwise 10 Large Cap Crypto Index, holding the top 10 cryptocurrencies by market capitalization.
Think of it as the S&P 500 of crypto - one fund, diversified exposure across the largest digital assets.
Originally launched in 2017 as a closed-end fund, BITW converted to a fully regulated exchange-traded product (ETP) and began trading on NYSE Arca on December 9, 2025.
Current Holdings
As of December 2025, BITW holds $1.25 billion in assets under management (AUM) with the following breakdown:
| Asset | Weighting |
|---|---|
| Bitcoin (BTC) | 74.30% |
| Ethereum (ETH) | 15.54% |
| XRP | 5.16% |
| Solana (SOL) | 3.06% |
| Cardano (ADA) | 0.65% |
| Chainlink (LINK) | 0.39% |
| Litecoin (LTC) | 0.26% |
| Sui (SUI) | 0.24% |
| Avalanche (AVAX) | 0.24% |
| Polkadot (DOT) | 0.14% |
Holdings rebalance monthly based on market cap. XRP is currently the third-largest holding in the index.
Why BITW Matters for XRP
1. Institutional Validation
BITW is managed by Bitwise Asset Management - one of the largest crypto asset managers. XRP's inclusion as the third-largest holding signals institutional acceptance of XRP as a top-tier digital asset.
In their announcement, Bitwise stated that XRP has "the potential to reshape how money moves worldwide."
2. Passive XRP Buying Pressure
When investors buy BITW shares, the fund must purchase underlying assets to match index weightings. More BITW inflows = more XRP buying.
As XRP's market cap grows relative to other holdings, its weighting increases - creating a positive feedback loop where the fund has to buy even more XRP to stay balanced.
3. Traditional Finance Access
Many investors can't or won't buy crypto directly. BITW now trades on NYSE Arca - meaning 401(k)s, IRAs, and traditional brokerage portfolios can now hold indirect XRP exposure without dealing with exchanges or wallets.
4. Price Discovery
BITW provides another price signal for XRP. Arbitrage between BITW's NAV and underlying assets helps keep markets efficient and adds liquidity to the ecosystem.
BITW vs Spot XRP ETFs
| Feature | BITW | Spot XRP ETFs |
|---|---|---|
| XRP Exposure | ~5% (indirect) | 100% (direct) |
| Diversification | 10 assets | XRP only |
| Expense Ratio | 0.75% | 0.19% - 0.75% |
| Volatility | Lower | Higher |
| Best For | Broad crypto exposure | Pure XRP conviction |
The Bigger Picture
XRP now has multiple on-ramps for traditional investors:
- 5 spot XRP ETFs - direct exposure (Bitwise, Canary, Franklin Templeton, Grayscale, REX-Osprey)
- BITW - diversified index exposure
- More coming - 21Shares TOXR approved, WisdomTree filed
This infrastructure didn't exist a year ago. Every new product expands the potential investor base for XRP.
Track It Live
XRP Insights now tracks BITW alongside spot XRP ETFs. Toggle between "XRP ETFs" and "Index Funds" in the Daily Volume section to compare trading activity.
Track all XRP ETF data including live AUM, holdings, and flows updated every 60 seconds.
Frequently Asked Questions
What is BITW?
BITW (Bitwise 10 Crypto Index Fund) is the first and largest publicly traded crypto index fund in the US. It tracks the top 10 cryptocurrencies by market cap, including XRP at 5.16% weighting.
How much XRP does BITW hold?
BITW holds approximately 5.16% of its $1.25 billion AUM in XRP, making it the third-largest holding after Bitcoin (74.30%) and Ethereum (15.54%).
What is the expense ratio for BITW?
BITW has a sponsor fee of 0.75%, which is comparable to spot XRP ETFs that range from 0.19% to 0.75%.
Where does BITW trade?
BITW trades on NYSE Arca as an exchange-traded product (ETP). It began trading there on December 9, 2025, after converting from a closed-end fund structure.
Sources
- Bitwise 10 Crypto Index Fund Official Page - Holdings, AUM, and fund details
- Bitwise Newsroom: BITW Begins Trading on NYSE Arca - NYSE Arca listing announcement
- The Crypto Basic: Bitwise Says XRP to Reshape How Money Moves Worldwide - XRP inclusion announcement
- U.Today: XRP Gets Institutional Boost with Flagship Index - Institutional implications
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