Bitwise Asset Management, the largest U.S. cryptocurrency index fund manager, announced today that its first spot Bitcoin ETF, the Bitwise Bitcoin ETF (BITB), is scheduled to begin trading today, January 11th. It was announced that there is.
BITB will join Bitwise’s comprehensive suite of 18 crypto investment products, including five other crypto ETFs.
“Bitcoin ETFs like BITB are expected to be in high demand. For the past six years, financial advisors have identified ETFs as their preferred way to give their clients access to Bitcoin every year. 64% of financial advisors preferred Spot Bitcoin ETF over existing vehicles. We’re hearing the same thing across our existing client base of thousands of investment professionals. Now, finally Spot Bitcoin ETF will appear.”
– Hunter Horsley, Bitwise CEO
The Bitwise Bitcoin ETF trades on the NYSE Arca under the ticker BITB. Management fees will be 0.20%, and fees will be set at 0% for the first six months on the first $1 billion in assets. The fund will hold Bitcoin directly with Coinbase Custody, a regulated digital asset management company. BITB’s auditor is KPMG, its administrator is Bank of New York Mellon, and its sponsor is Bitwise Investment Advisers.
Support open source developers
In this regard, Bitwise has announced that it will donate 10% of BITB’s profits to three non-profit organizations that fund the open source development of Bitcoin: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund. Announced.
These organizations fund open source developers who play a key role in improving the security, scalability, and usability of the Bitcoin network. This donation will be made annually for at least the next 10 years to further support the health and progress of the Bitcoin ecosystem.
“Bitcoin is fundamentally open source software,” said Hong Kim, chief technology officer at Bitwise. “Both Bitwise and our customers have a vested interest in its ongoing development, and supporting these organizations is a direct way to contribute to that.”
Founded in 2017, Bitwise currently partners with more than 1,800 advisor teams, RIAs, family offices, and institutions. This number has doubled in the past two years.
To learn more about BITB and read the fund’s prospectus, click here.