Bitwise launching spot bitcoin ETF (BITB) – CryptoNinjas

Bitwise Asset Administration, the biggest crypto index fund manager in America, introduced at present that the Bitwise Bitcoin ETF (BITB), the agency’s first spot bitcoin ETF, intends to start buying and selling at present, January 11th.

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

“We count on vital demand for bitcoin ETFs like BITB. Yearly for the previous six years, monetary advisors have recognized ETFs as their most well-liked manner to assist shoppers entry bitcoin. Final yr, 64% of monetary advisors most well-liked a spot bitcoin ETF over present autos. Throughout our present consumer base of 1000’s 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 charge can be 0.20%, with the charge set to 0% for the primary six months on the primary $1 billion in property. The fund will maintain bitcoin immediately 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 with the launch, Bitwise introduced that the agency will donate 10% of BITB’s earnings to a few non-profit organizations that fund Bitcoin open-source growth: Brink, OpenSats, and the Human Rights Basis’s Bitcoin Improvement Fund.

These organizations fund open-source builders who play a essential function in enhancing the safety, scalability, and value of the Bitcoin community. The donations can be made yearly for at the very least the following 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 growth, and supporting these organizations is a direct method to contribute to that.”

Based in 2017, Bitwise is at the moment a associate 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 data on BITB, and to learn the fund’s prospectus, click here.