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Bitwise launching spot bitcoin ETF (BITB) – CryptoNinjas

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

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

“We anticipate 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 12 months, 64% of monetary advisors most well-liked a spot bitcoin ETF over present automobiles. 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 beneath the ticker BITB. The administration price will likely be 0.20%, with the price set to 0% for the primary six months on the primary $1 billion in property. The fund will maintain bitcoin instantly 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

Together with the launch, Bitwise introduced that the agency will donate 10% of BITB’s income to 3 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 crucial position in bettering the safety, scalability, and usefulness of the Bitcoin community. The donations will likely be made yearly for no less than the subsequent 10 years to additional assist the well being and development of the Bitcoin ecosystem.

“Bitcoin is basically 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 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 data on BITB, and to learn the fund’s prospectus, click on right here.

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