Firm expects many bitcoin ETF investors will diversify their
crypto holdings if the fund launches.
Bitwise Asset Management, the premier crypto specialist and
largest crypto index fund manager in America, announced today the
historic approval of the New York Stock Exchange’s 19b-4 filing for
Bitwise’s first spot Ethereum ETF. Bitwise intends for the fund to
begin trading once the SEC declares its S-1 Registration Statement
effective.
“We’ve long said that Ethereum is the most exciting programmable
blockchain and targets a completely different use case than
bitcoin,” said Bitwise CIO Matt Hougan. “It’s the global
supercomputer that’s home to many of crypto’s biggest real-world
use cases. Thanks to today’s news, we’re much closer to offering
investors professionally managed exposure to ETH, the asset that
fuels the Ethereum blockchain, in a format that’s as familiar and
easy to trade as a stock. That’s exciting progress indeed.”
Ethereum has become the foundation for some of the most popular
applications of crypto today, from stablecoins and non-fungible
tokens (NFTs) to decentralized finance and tokenization. In recent
years, many of the world’s top global brands, including Nike,
Starbucks, Tiffany & Co., and JPMorgan, have built projects on
the Ethereum blockchain. The blockchain’s growing popularity has
driven ETH, the asset that powers it, to a market cap of more than
$450 billion—second only to Bitcoin among digital assets.1
“We started Bitwise to give investors exposure to one of the
greatest technological innovations in a generation: crypto,” said
Bitwise CEO Hunter Horsley. “Days like today reinforce the
importance of that mission. It also gives us great hope as we
witness crypto’s unflagging march to the mainstream. We look
forward to a day soon when investors can readily access one of the
most dynamic assets in crypto.”
Founded in 2017, Bitwise partners with more than 4,000 advisor
teams, RIAs, family offices, and institutions to serve tens of
thousands of investors. The firm today offers a suite of six
crypto-linked ETFs, which would grow to seven with the addition of
the spot Ethereum ETF, along with 13 other crypto investment
products.
For more information, visit www.bitwiseinvestments.com.
Notes
(1) Source: CoinMarketCap as of May 22,
2024.
_________________
About Bitwise Asset Management
Bitwise Asset Management is the largest crypto index fund
manager in America. Thousands of financial advisors, family
offices, and institutional investors partner with Bitwise to
understand and access the opportunities in crypto. For six years,
Bitwise has established a track record of excellence managing a
broad suite of index and active solutions across ETFs, separately
managed accounts, private funds, and hedge fund strategies. Bitwise
is known for providing unparalleled client support through expert
research and commentary, its nationwide client team of crypto
specialists, and its deep access to the crypto ecosystem. The
Bitwise team of more than 60 professionals combines expertise in
technology and asset management with backgrounds including
BlackRock, Millennium, ETF.com, Meta, Google, and the U.S.
Attorney’s Office. Bitwise is backed by leading institutional
investors and has been profiled in Institutional Investor,
Barron’s, Bloomberg, and The Wall Street Journal. It has offices in
San Francisco and New York. For more information, visit
www.bitwiseinvestments.com.
Risks and Important Information
No Advice on Investment; Risk of Loss: Prior to making any
investment decision, each investor must undertake its own
independent examination and investigation, including the merits and
risks involved in an investment, and must base its investment
decision—including a determination whether the investment would be
a suitable investment for the investor—on such examination and
investigation.
Crypto assets are digital representations of value that function
as a medium of exchange, a unit of account, or a store of value,
but they do not have legal tender status. Crypto assets are
sometimes exchanged for U.S. dollars or other currencies around the
world, but they are not currently backed nor supported by any
government or central bank. Their value is completely derived by
market forces of supply and demand, and they are more volatile than
traditional currencies, stocks, or bonds.
Trading in crypto assets comes with significant risks, including
volatile market price swings or flash crashes, market manipulation,
and cybersecurity risks and risk of losing principal or all of your
investment. In addition, crypto asset markets and exchanges are not
regulated with the same controls or customer protections available
in equity, option, futures, or foreign exchange investing.
Crypto asset trading requires knowledge of crypto asset markets.
In attempting to profit through crypto asset trading, you must
compete with traders worldwide. You should have appropriate
knowledge and experience before engaging in substantial crypto
asset trading. Crypto asset trading can lead to large and immediate
financial losses. Under certain market conditions, you may find it
difficult or impossible to liquidate a position quickly at a
reasonable price.
The opinions expressed represent an assessment of the market
environment at a specific time and are not intended to be a
forecast of future events, or a guarantee of future results, and
are subject to further discussion, completion and amendment. The
information herein is not intended to provide, and should not be
relied upon for, accounting, legal or tax advice, or investment
recommendations. You should consult your accounting, legal, tax or
other advisors about the matters discussed herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20240523696251/en/
Frank Taylor/Ryan Dicovitsky Dukas Linden Public Relations
Bitwise@DLPR.com