Bitwise launching spot bitcoin ETF (BITB) – CryptoNinjas

Bitwise Asset Administration, the biggest crypto index fund supervisor in America, introduced immediately that the Bitwise Bitcoin ETF (BITB), the agency’s first spot bitcoin ETF, intends to start buying and selling immediately, 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 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 approach to assist purchasers entry bitcoin. Final yr, 64% of economic advisors most well-liked a spot bitcoin ETF over current automobiles. Throughout our current 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 charge might 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 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 Growth Fund.

These organizations fund open-source builders who play a important function in bettering the safety, scalability, and usefulness of the Bitcoin community. The donations might be made yearly for at the least the subsequent 10 years to additional help 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 purchasers have a vested curiosity in its ongoing growth, and supporting these organizations is a direct strategy 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 data on BITB, and to learn the fund’s prospectus, click on right here.