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Bitwise Asset Management is the largest asset management company. Crypto index fund manager in America, announced today that the Bitwise Bitcoin ETF (BITB), the firm’s first spot bitcoin ETF, intends to begin trading today, January 11th.
BITB will join Bitwise’s comprehensive suite of 18 crypto investment products, which currently includes five other crypto ETFs.
“We expect significant demand for bitcoin ETFs like BITB. Financial advisors have been recommending ETFs to clients for the last six years. Last year, financial advisors chose a bitcoin ETF spot over other vehicles 64% of the time. We hear the same thing from our existing clientele of thousands of investment professionals. Now, at long last, a spot bitcoin ETF is arriving.”
– Bitwise CEO, Hunter Horsley
The Bitwise Bitcoin ETF trades on NYSE Arca, under the ticker BITB. The management fee is 0.20%. However, the fee will be set at 0% for the initial six months of the first $1 billion worth of assets. The fund will hold bitcoins directly with Digital Asset Custodians are regulated by the government, Coinbase Custody. BITB’s auditor is KPMG, the administrator is Bank of New York Mellon, and the sponsor is Bitwise Investment Advisers.
Supporting Open-Source Developers
In conjunction with the launch, Bitwise announced that the firm will donate 10% of BITB’s profits to three non-profit organizations that fund Bitcoin open-source development: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
These organizations fund open source developers who play an important role in improving security, scalability and usability for the Bitcoin network. The donations will be made every year for the next 10 to support the growth and development of the Bitcoin ecosystem.
“Bitcoin is fundamentally open-source software,” said Bitwise Chief Technology Officer Hong Kim. “Both Bitwise and our clients have a vested interest in its ongoing development, and supporting these organizations is a direct way to contribute to that.”
Bitwise, founded in 2017, is a partner with more than 1,800 advisory teams, RIAs family offices and institutions. This number has nearly doubled in just the last two years.
For more information on BITB, and to read the fund’s prospectus, Click here to learn more.