Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

The Bitwise Physical ETP Structure explained

How it works

Legend
1Investor places a buy order for units of the ETP
2Broker uses existing inventory or buys ETP securities from AP for cash
3AP sources cryptocurrency or uses existing inventory for subscription with the Issuer
4AP places an order with Issuer and transfers cryptocurrency to the custodian
The independent transaction administrator verifies the incoming order and confirms the required amounts and corresponding balances.
5Once both Issuer and Administrator have verified that cryptocurrency has settled in the custody account, the Issuer instructs the Depo Bank to send ETP securities to the AP
The independent transaction administrator gives final approval for the transaction after completing a series of verification procedures.
6AP settles with broker and investor receives ETP securities
1Investor places sell order for ETP securities
2Broker settles ETP securities with AP
3AP delivers ETP securities to the Issuer’s account with the Depo Bank
The independent transaction administrator verifies the redemption order and confirms that the required amounts and corresponding crypto balances are in place to process the trade.
4Only after ETP securities have been received by the Issuer, cryptocurrency is sent to AP
The independent transaction administrator gives final approval for the transaction after completing a series of verification procedures.
5AP sells cryptocurrency or holds it as inventory for future orders.
6AP settles cash with broker and investor receives cash

Trading on Regulated
Exchanges

Buying and selling our ETPs on the exchange is done through your portfolio account, just like trading conventional stocks or ETFs. There is no need to manage a crypto wallet — simply search for our product codes on your broker's platform, ask your bank, or contact us directly for more information.

High Regulation
Standards

Authorised Participants (APs) provide liquidity on exchange and use the creation/redemption mechanism with the Issuer. These APs are regulated financial institutions within the EU and EEA, and through their appointment the Issuer ensures that all cryptocurrency that you invest in through the ETPs comes from regulated sources.

Secure
Cold-Storage

At all times, the Issuer holds cryptocurrency in secure institutional-grade, cold-storage custody to 100% back the issued ETPs. The independent Administrator was appointed by the Issuer to monitor and sign-off on each transaction. This ensures that no mistakes can happen, and no funds can be misappropriated.
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This financial promotion has been approved by Gateway 21 on 17/10/2025