Bitwise, a leading crypto asset manager with $4.5 billion in assets under management, is making waves in the cryptocurrency world once again. The company has filed for its second crypto exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) this week.
The new ETF, called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC), was officially filed through a Form N-1A registration form, which is required for management companies. This marks the second ETF filing that Bitwise has made with the SEC in a short span of time.
Earlier this week, Bitwise also submitted an S-1 registration statement for a spot XRP ETF that will track the price movements of XRP. This move comes after Bitwise successfully launched ETFs in the United States for Bitcoin and Ethereum.
BITC is set to be a unique ETF product that aims to capitalize on the potential upside of Bitcoin while also mitigating downside risks by rotating into U.S. Treasuries during periods of price consolidation. This strategic approach sets BITC apart from traditional ETFs and showcases Bitwise’s innovative investment strategies.
In a recent press release, Bitwise announced that the filing of BITC is part of a larger initiative to convert three futures-based ETFs into trendwise strategy investment vehicles. The conversion is expected to take place in December 2024, with the funds changing their names and strategies accordingly.
– BITC, the Bitwise Bitcoin Strategy Optimum Roll ETF, will convert to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF.
– AETH, the Bitwise Ethereum Strategy ETF, will convert to the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF.
– BTOP, the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, will convert to the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF.
This move showcases Bitwise’s commitment to offering innovative and dynamic investment opportunities to its clients. With the growing interest in cryptocurrency ETFs, Bitwise’s latest filings are sure to attract attention from investors looking to diversify their portfolios with digital assets.
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