Tag: Bitwise

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.

Image source: Shutterstock

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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.

Image source: Shutterstock

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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.

Image source: Shutterstock

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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.