Bitwise Asset Management, the largest crypto index fund manager in America, has announced the launch of the Bitwise Bitcoin ETF (BITB), which will begin trading on January 11th. This new ETF will join Bitwise’s suite of 18 crypto investment products and will trade on the NYSE Arca under the ticker BITB. The management fee will be 0.20%, with the fee set to 0% for the first six months on the first $1 billion in assets. Additionally, Bitwise will donate 10% of BITB’s profits to non-profit organizations that fund Bitcoin open-source development. Founded in 2017, Bitwise is currently a partner to more than 1,800 advisor teams, RIAs, family offices, and institutions.
This article originally appeared on www.cryptoninjas.net
Bitwise, a leading cryptocurrency asset manager, has recently announced the launch of its spot bitcoin exchange-traded fund (ETF) called BITB. This new ETF aims to provide investors with a convenient and efficient way to gain exposure to the rapidly growing bitcoin market.
The BITB ETF will trade on major stock exchanges, making it easily accessible to both institutional and retail investors. This marks a significant milestone for the cryptocurrency industry, as it represents an institutional-grade vehicle for investing in bitcoin.
According to a press release from Bitwise, the ETF will track the Bitwise Bitcoin Total Return Index, which is designed to capture the total returns available to investors in the spot market for bitcoin. This includes the price of bitcoin as well as any potential income from lending activities.
Bitwise has a strong track record in the cryptocurrency industry, having successfully launched the world’s first publicly traded crypto index fund in 2017. The company has since expanded its offerings to include a range of cryptocurrency investment products, including funds focused on specific sectors of the market, such as decentralized finance (DeFi) and blockchain technology.
The launch of the BITB ETF comes at a time of growing interest and adoption of bitcoin among institutional investors. In recent years, major financial institutions and corporations have begun to allocate a portion of their investment portfolios to bitcoin, seeing it as a potential hedge against inflation and a store of value in times of economic uncertainty.
However, investing in bitcoin directly can be complex and challenging for traditional investors. The BITB ETF aims to simplify the process by offering a regulated, transparent, and liquid vehicle for gaining exposure to the world’s most popular cryptocurrency.
The launch of the BITB ETF is also significant for the broader cryptocurrency industry, as it represents another step towards mainstream acceptance and integration of digital assets into the traditional financial system. As more cryptocurrency investment products become available to investors, the barriers to entry are lowered, and the overall market liquidity and stability are improved.
Overall, the launch of Bitwise’s spot bitcoin ETF represents a significant milestone for the cryptocurrency industry, providing investors with a convenient and regulated way to gain exposure to the rapidly growing bitcoin market. As institutional interest in bitcoin continues to grow, the availability of investment products like the BITB ETF is likely to further accelerate the adoption of digital assets in the traditional financial system.
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