Bitwise Asset Management, America’s largest crypto index fund manager, announced today that the Bitwise Bitcoin ETF (BITB), the company’s first spot bitcoin ETF, intends to begin trading today Today, January 11th.
BITB will join Bitwise’s comprehensive suite of 18 crypto investment products, which currently includes five other crypto ETFs.
“We expect significant demand for Bitcoin ETFs like BITB. Every year for the past six years, financial advisors have identified ETFs as their preferred way to help clients access bitcoin. Last year, 64% of financial advisors preferred a spot Bitcoin ETF over existing vehicles. Within our existing client base of thousands of investment professionals, we hear the same thing. Now, finally, a spot Bitcoin ETF is coming.
– CEO of Bitwise, Hunter Horsley
The Bitwise Bitcoin ETF will trade on NYSE Arca under the symbol BITB. The management fee will be 0.20%, with fees set at 0% for the first six months on the first $1 billion in assets. The fund will hold bitcoin directly with the regulated digital asset custodian, Coinbase Custody. BITB’s auditor is KPMG, the administrator is Bank of New York Mellon and the sponsor is Bitwise Investment Advisers.
Support open source developers
Alongside the launch, Bitwise announced that the company would donate 10% of BITB profits to three nonprofits that fund open source development of Bitcoin: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
These organizations fund open source developers who play a critical role in improving the security, scalability, and usability of the Bitcoin network. Donations will be made annually for at least the next 10 years to further support the health and progress of the Bitcoin ecosystem.
“Bitcoin is fundamentally open source software,” said Hong Kim, Bitwise’s chief technology officer. “Bitwise and our customers have a vested interest in its continued development, and supporting these organizations is a direct way to contribute.”
Founded in 2017, Bitwise currently partners with more than 1,800 advisor teams, RIAs, family offices and institutions. This number has doubled in the last two years.