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Bitwise Asset Management, managing over $10 billion in client assets, has received SEC approval for in-kind creation and redemption of shares for its Bitcoin ETF (NYSE: BITB) and Ethereum ETF (NYSE: ETHW).
This significant development allows authorized participants (APs) to exchange bitcoin or ether directly for fund shares, replacing the previous cash-only mechanism. The change is expected to enhance trading efficiency, potentially leading to tighter bid-ask spreads, reduced tax exposure, and lower trading costs for investors.
While individual investors won't see direct changes in fund access, this approval brings crypto ETPs' operational structure in line with traditional ETFs and marks a crucial step in crypto's integration into mainstream financial markets.
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