Bitwise launching spot bitcoin ETF (BITB)

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Bitwise Asset Administration, the most important crypto index fund supervisor in America, introduced right now that the Bitwise Bitcoin ETF (BITB), the agency’s first spot bitcoin ETF, intends to start buying and selling right now, January eleventh.

BITB will be a part of Bitwise’s complete suite of 18 crypto funding merchandise, which at present consists of 5 different crypto ETFs.

“We anticipate important demand for bitcoin ETFs like BITB. Yearly for the previous six years, monetary advisors have recognized ETFs as their most well-liked approach to assist shoppers entry bitcoin. Final yr, 64% of monetary advisors most well-liked a spot bitcoin ETF over present automobiles. Throughout our present shopper base of hundreds of funding professionals, we hear the identical factor. Now, in the end, a spot bitcoin ETF is arriving.”
– Bitwise CEO, Hunter Horsley

The Bitwise Bitcoin ETF will commerce on NYSE Arca underneath the ticker BITB. The administration price shall be 0.20%, with the price set to 0% for the primary six months on the primary $1 billion in property. The fund will maintain bitcoin instantly with regulated digital asset custodian, Coinbase Custody. BITB’s auditor is KPMG, the administrator is Financial institution of New York Mellon, and the sponsor is Bitwise Funding Advisers.

Backing Open-Supply Builders

At the side of the launch, Bitwise introduced that the agency will donate 10% of BITB’s earnings to 3 non-profit organizations that fund Bitcoin open-source improvement: Brink, OpenSats, and the Human Rights Basis’s Bitcoin Growth Fund.

These organizations fund open-source builders who play a important position in enhancing the safety, scalability, and value of the Bitcoin community. The donations shall be made yearly for at the very least the subsequent 10 years to additional help the well being and development of the Bitcoin ecosystem.

“Bitcoin is basically open-source software program,” stated Bitwise Chief Know-how Officer Hong Kim. “Each Bitwise and our shoppers have a vested curiosity in its ongoing improvement, and supporting these organizations is a direct solution to contribute to that.”

Based in 2017, Bitwise is at present a accomplice to greater than 1,800 advisor groups, RIAs, household workplaces, and establishments. This quantity has doubled within the final two years.

For extra info on BITB, and to learn the fund’s prospectus, click on right here.

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