Bitwise Bitcoin ETF (BITB) is an exchange-traded fund from digital asset management company Bitwise Investment Advisors. On January 11, 2024, it joined 10 other exchange-traded products as one of the first spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission.
What is a Spot Bitcoin ETF?
Spot Bitcoin ETFs allow investors to give up direct ownership of Bitcoin while still being exposed to the cryptocurrency’s price fluctuations. Investors can purchase shares of the ETF through a brokerage account, which represents ownership of a portion of Bitcoin held by the fund. Trading of ETF shares takes place on traditional stock exchanges, providing investors with liquidity and easy access to Bitcoin exposure.
Is BITB issuer Bitwise?
Bitwise is a cryptocurrency asset management company that provides cryptocurrency-focused investment solutions. They offer a variety of cryptocurrency investment funds, including index funds, liquid beta funds, and innovative strategies to suit a variety of investor needs. Bitwise aims to provide investors with institutional-grade cryptocurrency investment products while prioritizing transparency, security, and compliance.
What fees does BITB charge?
BITB maintains a sponsor fee of 0.20%, which is subject to change.
How is Bitwise’s ETF different from other spot Bitcoin ETFs?
Bitwise is the first company to release the public address of a spot Bitcoin ETF. This was done in the spirit of on-chain transparency.
“Today, the Bitwise Bitcoin ETF (BITB) became the first US Bitcoin ETF to disclose the Bitcoin addresses of its holdings.” said While announcing the Bitcoin address. “Now anyone can check the holdings and flow of BITB directly on the blockchain.”
Bitwise is also one of the few spot Bitcoin ETFs listed on NYSE Arca, along with Grayscale Investment’s GBTC and Hashdex’s DEFI fund.
How does Bitwise’s BITB store Bitcoin?
The ETF’s digital asset custodian is Coinbase Custody Trust LLC, the most popular custodian for spot Bitcoin ETF issuers. The fund’s trustee is BNY Mellon.
Is Bitwise’s Bitcoin address public?
Yes, and the company announced its address on January 24, 2024.
Disclaimer: This article was written with the help of OpenAI’s ChatGPT 3.5/4 and has been reviewed and edited by our editorial team.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.