The index subsidiary of Bitwise Asset Management, Bitwise Index Services, announced the changes from its monthly reconstitution of the Bitwise Crypto Indexes on January 31, 2022, in a press release. The two indexes focused on the largest cryptocurrencies both saw changes, while the rest had no changes to their constituents.
The Bitwise 10 Large Cap Crypto Index saw two changes in its reconstitution: Polkadot and Cosmos both entered the index, while Algorand and Bitcoin Cash exited. Constituents as of the reconstitution were Bitcoin (BTC) at 61.35%, Ethereum (ETH) at 26.99%, Cardano (ADA) at 2.96%, Solana (SOL) at 1.64%, Polkadot (DOT) at 1.64%, Avalanche (AVAX) at 1.44%, Polygon (MATIC) at 1.03%, Cosmos (ATOM) at 0.67%, Chainlink (LINK) at 0.37%, and Litecoin (LTC) at 0.64%.
The Bitwise 10 Crypto Index Fund (BITW) is a fund that offers exposure to the top cryptocurrencies and seeks to track the Bitwise 10 Large Cap Crypto Index. The index is weighted by market cap and collectively represents 70% of the crypto market through the 10 largest cryptocurrencies.
The Bitwise 10 ex Bitcoin Large Cap Crypto Index also saw two changes, with Polkadot and Cosmos entering the index and Algorand and Bitcoin Cash exiting. The index as of reconstitution was comprised of 69.83% Ethereum (ETH), 7.65% Cardano (ADA), 6.74% Solana (SOL), 4.24% Polkadot (DOT), 3.74% Avalanche (AVAX), 2.66% Polygon (MATIC), 1.74% Cosmos (ATOM), 1.74% Chainlink (LINK), and 1.66% Litecoin (LTC).
The Bitwise Decentralized Finance Crypto Index saw no changes, and the Bitwise Crypto Innovators 30 Index as well as the Bitwise Blue-Chip NFT Collections Index were not up for reconstitution, as they do so on a quarterly basis.
Bitwise offers the Bitwise Crypto Industry Innovators ETF (BITQ) for investors looking to invest in crypto through an ETF. BITQ provides investment into some of the largest companies within crypto in a variety of segments.
BITQ tracks the Bitwise Crypto Innovators 30 Index, an index with at least 85% allocation into companies that are cryptocurrency exchanges carrying bitcoin and other cryptocurrencies, crypto miners, mining equipment companies, and service providers. The remaining 15% is allocated to large-cap support companies with at least one major part of their businesses dedicated to crypto.
BITQ carries crypto companies such as Silvergate Capital (SI), a bank that provides services for crypto exchanges, at 10.96%; Coinbase Global Inc (COIN) at 9.59%; and crypto mining companies such as Hut 8 Mining (HUT) at 5.02%.
The fund has an expense ratio of 0.85% and net assets of $104 million.
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