Tag: Bitwise

Bitwise CIO Matt Hougan Discusses Amended Spot Bitcoin ETF Application

by Blockchain News

Key Takeaways

  1. Matt Hougan, CIO of Bitwise, provides detailed insights via Twitter on the company’s amended spot Bitcoin ETF application.

  2. Hougan focuses on the need to establish that the CME bitcoin futures market is the leader in price discovery.

  3. The amended application is designed to address each of the SEC’s major objections to spot Bitcoin ETFs.

Matt Hougan’s In-Depth Twitter Commentary

Matt Hougan, the Chief Investment Officer at Bitwise, took to Twitter on September 25, 2023, to offer a comprehensive breakdown of the firm’s amended application for a spot Bitcoin ETF. In a detailed thread, Hougan stated that the amendment aims to “address, point by point, each of the major objections the SEC has raised in prior disapprovals for spot bitcoin ETFs.”

The Imperative of Proof

One of the critical points Hougan emphasized was the necessity of demonstrating that the CME bitcoin futures market is the leading force in price discovery over the spot market. He articulated, “We’re back to needing to prove that the CME bitcoin futures market leads price discovery over the spot market such that it can serve as a ‘regulated market of significant size’ for the purpose of surveillance.”

Academic Literature and Price Discovery

Hougan further delved into the academic aspect, stating that the amended application aims to “clear up the significant confusion around the growing body of academic literature on price discovery in the bitcoin market.” He was unequivocal in asserting that “every well-designed academic study supports the finding that the CME is ‘significant.'”

Regulatory Challenges and Surveillance

Hougan also touched upon the regulatory hurdles that Bitwise and other applicants face. While acknowledging that “surveillance sharing agreements with spot exchanges are positive,” he cautioned that these might “not satisfy the technical regulatory requirements” as stipulated by the SEC.

Bitwise’s Commitment to Research

Hougan used the Twitter thread to highlight Bitwise’s longstanding commitment to original research in their Bitcoin ETF filings. He cited the company’s 2019 research that aimed to uncover fake volume in the spot market and their 2021 white papers that sought to prove the CME futures market’s leading role in price discovery.

The Long Road to Approval

Hougan concluded his thread by reiterating Bitwise’s commitment to making a spot Bitcoin ETF a reality. He mentioned that the company has been working towards this goal for over five years and expressed gratitude towards others who have contributed to the cause.

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领先的加密资产管理公司Bitwise宣布其加密行业创新者ETF资产管理规模突破1亿美元

by Blockchain News

全球领先的加密资产管理公司Bitwise Asset Management宣布，其加密行业创新产品ETF（纽约证券交易所代码：BITQ）最近的资产管理规模超过了1亿美元。这一里程碑出现在加密领域的转折点，整个2023年，这个领域都见证了积极的行业发展，强劲的市场表现，以及投资者兴趣的增长。 (Read More)

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Bitwise ETF BITQ Surpasses $100M in Cypto Assets Under Management

by Blockchain News

Bitwise Asset Management, a leading crypto asset manager, has announced that its Crypto Industry Innovators ETF (NYSE: BITQ) recently surpassed $100 million in assets under management. This milestone comes amid a turning point for the crypto sector, which has seen positive industry developments, strong market performance, and growing investor interest throughout 2023.

As of June 30, bitcoin had risen more than 83% year-to-date, while BITQ was up more than 135% over the same period. Since the fund’s inception in 2021, investors have utilized BITQ for its potential impact on portfolio diversification and as a way to access an emerging growth sector through a traditional equity ETF vehicle.

The BITQ ETF seeks to track an index designed by Bitwise that consists of leading companies driving the fast-growing crypto economy. At each rebalancing, at least 85% of BITQ’s holdings are “pure-play” firms, which derive more than three-quarters of their revenue from crypto-related businesses, while up to 15% of holdings are reserved for more diversified companies making meaningful investments in the space.

Bitwise has also been in the news recently for its refiling of a spot Bitcoin ETF application with the SEC, which was officially acknowledged by the regulatory body. Bitwise first filed for a spot Bitcoin ETF in October 2021, but amended and refiled their application on June 28 of this year. This move followed a host of institutional applications, fueled by BlackRock’s June 15 spot Bitcoin ETF application.

Bitwise’s Chief Investment Officer, Matthew Hougan, emphasized the importance of BlackRock’s move, stating, “You have to listen when Blackrock comes to the market, because they’re the largest ETF issuer in the world, they are very careful and connected.”

Founded in 2017, Bitwise manages a broad suite of 18 professional investment solutions, including ETFs, publicly traded trusts, SMA strategies, multi-strategy solutions, and private funds. Today, over 1,800 wealth teams, RIAs, family offices, and institutional investors leverage Bitwise to understand and access crypto markets strategically.

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Would the U.S. Finally Approve Spot Bitcoin ETF in 2022?

by Blockchain News

It is a new year and a time investors are positioning their minds toward new possibilities. Trading in 2021 had experienced its ups and downs in all aspects of the cryptocurrency ecosystem, but historical records were also set.

For instance, Bitcoin printed several all-time highs (ATHs), the latest price level above the $68,000 traced back in November.

Some of the ‘Firsts’ in the Crypto Ecosystem in 2021

The digital currency ecosystem recorded a few events that happened for the very first time in 2021. Tesla’s Chief Executive Officer, Elon Musk came out more openly to back Bitcoin in the first quarter, leading his firm to buy up $1.5 billion worth of the premier coin back in February last year. While this was not the first bullish gesture from an institutional investor, it marked the first from one of the most prestigious auto brands in the world. 

Also in 2021, Bitcoin became the official legal tender of the Central American nation, El Salvador. After facing a number of criticisms from the World Bank and the International Monetary Fund (IMF), El Salvador floated its Bitcoin law on September 7 with assistance from the Central American Bank for Economic Integration (CABEI).

Counting the number of firsts, Chinese authorities stood their ground on the crypto ban in the country and significantly caused a shift in the mining hashrate to sway from China. Regulations in the United States were a matter of mild concern, but mostly on the productive side as the SEC approved the trading of ProShares Bitcoin Futures-based Exchange Traded Fund (ETF).

Hopes for a Spot Bitcoin ETF this Year

America is becoming more aware of the benefits and impacts of digital currencies, and the SEC is not oblivious to this fact. While the market watchdog had done the best it could do in the past year to approve ProShares Futures ETF, the gesture has sent more fund managers to keep hopes alive that at least one of the tens of Bitcoin spot ETF applications filed with the SEC will gain approval this year.

From Fidelity to Grayscale to Bitwise amongst others, the race to float an actual Bitcoin ETF is just heating up and expectations from the investing community remain high as the year resumes the first trading week in a few hours.

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Would the U.S. Finally Approve Spot Bitcoin ETF in 2022?

by Blockchain News

It is a new year and a time investors are positioning their minds toward new possibilities. The trading in 2021 had experienced its ups and downs in all aspects of the cryptocurrency ecosystem, but historical records were also set.

For instance, Bitcoin printed several all-time highs (ATHs), the latest price level above the $68,000 traced back in November.

Some of the ‘Firsts’ in the Crypto Ecosystem in 2021

The digital currency ecosystem recorded a few events that happened for the very first time in 2021. Tesla’s Chief Executive Officer, Elon Musk came out more openly to back Bitcoin in the first quarter, leading his firm to buy up $1.5 billion worth of the premier coin back in February last year. While this was not the first bullish gesture from an institutional investor, it marked the first from one of the most prestigious auto brands in the world. 

Also in 2021, Bitcoin became the official legal tender of the Central American nation, El Salvador. After facing a number of criticisms from the World Bank and the International Monetary Fund (IMF), El Salvador floated its Bitcoin law on September 7 with assistance from the Central American Bank for Economic Integration (CABEI).

Counting the number of firsts, Chinese authorities stood their ground on the crypto ban in the country and significantly caused a shift in the mining hashrate to sway from China. Regulations in the United States were a matter of mild concern, but mostly on the productive side as the SEC approved the trading of ProShares Bitcoin Futures-based Exchange Traded Fund (ETF).

Hopes for a Spot Bitcoin ETF this Year

America is becoming more aware of the benefits and impacts of digital currencies, and the SEC is not oblivious to this fact. While the market watchdog had done the best it could do in the past year to approve ProShares Futures ETF, the gesture has sent more fund managers to keep hopes alive that at least one of the tens of Bitcoin spot ETF applications filed with the SEC will gain approval this year.

From Fidelity to Grayscale to Bitwise amongst others, the race to float an actual Bitcoin ETF is just heating up and expectations from the investing community remain high as the year resumes the first trading week in a few hours.

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Bitwise Adds Blue-Chip NFT Index Funds to its Big Bag

by Blockchain News

San Francisco-based digital asset management firm, Bitwise has announced the launch of its Blue-Chip NFT Index Fund, a product it said will be available to accredited investors in the United States.

According to Bitwise, investors can gain access to the Blue-Chip NFT Index fund with a $25,000 minimum investment, and the fund gives investors access to 10 of the most prestigious NFT collections around today.

The Bitwise Blue-Chip NFT Index Fund Component

The Bitwise NFT Index has a total of 10 NFTs with CryptoPunks carrying a weight of 36.5% of the index. Bored Ape Yacht Club (BAYC), an NFT collection with a representation deal with Guy Oseary, Madonna and U2’s manager, takes a 29.6% weight of the Index. Other constituents include Mutant Ape Yacht Club, VeeFriends, Autoglyphs, Fidenza, CyberKongz Genesis, Cool Cats NFT, Meebits, and Chromie Squiggle.

The portfolio of the NFT Index Fund will be readjusted every 3 months and new projects may be fit to replace the existing ones if certain criteria are met. The defined criteria include market capitalization of the NFT, category, collection size, and liquidity amongst others.

“The Fund seeks to track an index of the most valuable (as defined by market capitalization) and well-established NFT collections in the Arts and Collectibles sector. Collections considered for inclusion in the Fund are monitored for certain risks as set forth in the index, selected and weighted based on an adjusted floor price market capitalization, and rebalanced quarterly.”

Pioneering Crypto Index Innovations

Bitwise occupies a very pivotal position and innovation space in terms of the crypto index fund . The company has two publicly traded index funds and several funds that are reserved for accredited investors only. 

Bitwise is amongst the startups in the crypto industry that has been trying to convince the Securities and Exchange Commission (SEC) to approve a Bitcoin Exchange Traded Fund (ETF) product in the U.S. The company’s previous attempts have been met with rejection from the SEC, and the firm is capitalizing on its lessons thus far not to give up on its ambitions to list the product.

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Bitwise Adds Blue-Chip NFT Index Funds to its Big Bag

by Blockchain News

San Francisco-based digital asset management firm, Bitwise has announced the launch of its Blue-Chip NFT Index Fund, a product it said will be available to accredited investors in the United States.

According to Bitwise, investors can gain access to the Blue-Chip NFT Index fund with a $25,000 minimum investment, and the fund gives investors access to 10 of the most prestigious NFT collections around today.

The Bitwise Blue-Chip NFT Index Fund Component

The Bitwise NFT Index has a total of 10 NFTs with CryptoPunks carrying a weight of 36.5% of the index. Bored Ape Yacht Club (BAYC), an NFT collection with a representation deal with Guy Oseary, Madonna and U2’s manager, takes a 29.6% weight of the Index. Other constituents include Mutant Ape Yacht Club, VeeFriends, Autoglyphs, Fidenza, CyberKongz Genesis, Cool Cats NFT, Meebits, and Chromie Squiggle.

The portfolio of the NFT Index Fund will be readjusted every 3 months and new projects may be fit to replace the existing ones if certain criteria are met. The defined criteria include market capitalization of the NFT, category, collection size, and liquidity amongst others.

“The Fund seeks to track an index of the most valuable (as defined by market capitalization) and well-established NFT collections in the Arts and Collectibles sector. Collections considered for inclusion in the Fund are monitored for certain risks as set forth in the index, selected and weighted based on an adjusted floor price market capitalization, and rebalanced quarterly.”

Pioneering Crypto Index Innovations

Bitwise occupies a very pivotal position and innovation space in terms of the crypto index fund . The company has two publicly traded index funds and several funds that are reserved for accredited investors only. 

Bitwise is amongst the startups in the crypto industry that has been trying to convince the Securities and Exchange Commission (SEC) to approve a Bitcoin Exchange Traded Fund (ETF) product in the U.S. The company’s previous attempts have been met with rejection from the SEC, and the firm is capitalizing on its lessons thus far not to give up on its ambitions to list the product.

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Bitwise launches NFT index fund for accredited investors

by Cointelegraph

In an effort to democratize access to nonfungible tokens, art collections and other digital assets of value for the masses, Bitwise Asset Management launched its new index fund on Dec. 16.

As per the announcement, the Bitwise Blue-Chip NFT Index Fund is designed to allow accredited investors to invest in major nonfungible tokens and art collections.

The NFT industry has exploded in 2021. Retailers throughout the world purchased millions of dollars worth of CryptoPunks, drawing institutional and accredited investors. In the third quarter of 2021, NFT trading volumes surpassed $10 billion for the first time.

The crypto firm stated that the Bitwise Blue-Chip NFT Index Fund is now available to qualified investors for private placement subscriptions. The minimum investment is set at $25,000. While speaking on the new development, Bitwise CIO Matt Hougan stated that:

“New frontiers in the art are rare. Entirely new artistic mediums are even rarer,” said Bitwise CIO Matt Hougan, adding that NFTs have emerged as the first digitally native medium for owning art and collectibles, “with enormous potential for meaning, value and use in our increasingly digital world.”

Bitwise launched several new crypto products in 2021 to satisfy the increasing demand, owing to the fast-changing digital asset industry. The firm announced the debut of its Crypto Industry Innovators exchange-traded fund (ETF) in May 2021.

In July, major American institutional investors contributed $70 million to the crypto index fund manager in order to beef up its balance sheet and double the size of its staff.

Related: Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

The phrase “NFT” was coined in 2017. Although little known at the time, two highly significant NFT projects, CryptoPunks and CryptoKitties, were launched in 2017. Propy sold the first NFT home. This was the beginning of NFT’s widespread adoption, which coincided with the cryptocurrency bull market cycle.