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Sunday, May 26, 2024

Bitwise launching spot bitcoin ETF (BITB) – CryptoNinjas

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

BITB will be a part of Bitwise’s complete suite of 18 crypto funding merchandise, which at present contains 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 popular means to assist shoppers entry bitcoin. Final 12 months, 64% of monetary advisors most popular a spot bitcoin ETF over present autos. 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 below the ticker BITB. The administration charge shall be 0.20%, with the charge set to 0% for the primary six months on the primary $1 billion in belongings. The fund will maintain bitcoin straight 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

Along side the launch, Bitwise introduced that the agency will donate 10% of BITB’s income 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 essential position in bettering the safety, scalability, and value of the Bitcoin community. The donations shall be made yearly for a minimum of the subsequent 10 years to additional assist the well being and development of the Bitcoin ecosystem.

“Bitcoin is essentially open-source software program,” mentioned Bitwise Chief Expertise Officer Hong Kim. “Each Bitwise and our shoppers have a vested curiosity in its ongoing improvement, and supporting these organizations is a direct method to contribute to that.”

Based in 2017, Bitwise is at present a companion to greater than 1,800 advisor groups, RIAs, household places of work, 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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