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BITW: A Great Crypto Index, But Watch The NAV Premium

  • BITW is a new publicly traded statutory trust that provides market weighted index exposure to crypto assets.
  • BITW is mostly Bitcoin, and the Bitwise 10 Large Cap Crypto Index does offer market weighted diversification to some other crypto assets.
  • BITW already trades at a very high premium to the fund's NAV, and that NAV premium is likely to be capricious.

The Bitwise 10 Crypto Index Fund (BITW) is a publicly traded statutory crypto-asset index trust. BITW should offer needed competition in the asset class, where few funds exist, and lofty premiums have been a historic problem. The market is currently dominated by the Grayscale Bitcoin Trust (OTC:GBTC). BITW is probably most comparable to Grayscale's Digital Large Cap Fund (OTCQX:GDLC).

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