For the first time, BITB will offer U.S. investors low-cost access to bitcoin through a traditional, regulated ETF.
Bitwise Asset Management, the largest 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 on January 11. With the much-anticipated launch, BITB will join Bitwise’s comprehensive suite of 18 crypto investment products, which currently includes five other crypto ETFs.
The Bitwise Bitcoin ETF will trade on NYSE Arca under the ticker BITB. The management fee will be the lowest among approved spot bitcoin ETFs at 0.20%,1 with the fee set to 0% for the first six months on the first $1 billion in assets. The fund will hold bitcoin directly with the world’s largest regulated digital asset custodian, Coinbase Custody Trust Company, LLC. BITB’s auditor is KPMG, the administrator is Bank of New York Mellon, and the sponsor is Bitwise Investment Advisers, LLC.
ANTICIPATED DEMAND
“We expect significant demand for bitcoin ETFs like BITB,” said Bitwise CEO Hunter Horsley. “Every year for the past six years, financial advisors have identified ETFs as their preferred way to help clients access bitcoin. Last year, 64% of financial advisors preferred a spot bitcoin ETF over existing vehicles.2 Across our existing client base of thousands of investment professionals, we hear the same thing. Now, at long last, a spot bitcoin ETF is arriving.”
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WATERSHED MOMENT FOR BITCOIN
The fund’s launch marks a critical turning point for the industry, said Bitwise CIO Matt Hougan.
“It’s hard to fully capture how big today is for bitcoin,” said Hougan, “but ‘game-changer,’ ‘sea change,’ or ‘turning point’ get closest. For more than a decade, investors who wanted to access the world’s largest crypto asset had to wrestle with how to own it. For many mainstream investors, that hurdle is now gone. We’re excited to see bitcoin take its seat at the table alongside other formerly fringe, now mainstream assets like private equity, private credit, and even gold.”
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 a critical role in improving the security, scalability, and usability of the Bitcoin network. The donations will be made annually for at least the next 10 years to further support the health and advancement 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.”
A LEADING CRYPTO SPECIALIST
Founded in 2017, Bitwise is currently a partner to more than 1,800 advisor teams, RIAs, family offices, and institutions. This number has doubled in the last two years.
As a leading crypto specialist, Bitwise is known for its six-year track record, broad suite of crypto investment solutions, and leading research insights, including its quarterly reports, white papers, and Expert Portal for investment professionals, which features the Bitwise Bitcoin Library and the firm’s Weekly CIO Memo. Since its founding, Bitwise has maintained a deep commitment to client relationships, with a nationwide team of client-facing crypto experts.
ADDING DEPTH TO A COMPREHENSIVE SUITE
At BITB’s launch, Bitwise’s lineup of 19 products includes five additional ETFs:
Bitwise Crypto Industry Innovators ETF (ticker: BITQ)
Bitwise Bitcoin Strategy Optimum Roll ETF (ticker: BITC)
Bitwise Bitcoin and Ether Equal Weight Strategy ETF (ticker: BTOP)
Bitwise Ethereum Strategy ETF (ticker: AETH)
Bitwise Web3 ETF (ticker: BWEB).
Bitwise’s other product offerings include the Bitwise 10 Crypto Index Fund (ticker: BITW), private funds, multi-strategy solutions, and separately managed account (SMA) strategies.
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