March 27, 2024
Bitwise Bitcoin ETF Hits $1 Billion in Assets in Record Time
Bitcoin ETF

Bitwise Bitcoin ETF Hits $1 Billion in Assets in Record Time

Bitwise Asset Management, a prominent crypto index fund manager, proudly announced that their Bitwise Bitcoin ETF (BITB) has soared past $1 billion in assets under management (AUM) in less than five weeks since its launch. This achievement positions BITB among the top 25 fastest ETFs in history to hit this significant milestone.

The ETF, which made its trading debut on January 11, has witnessed an impressive influx of more than $877 million in net inflows, averaging an astounding $36 million per day. Remarkably, as of February 14, Bitwise revealed that BITB boasts one of the lowest long-term fees among Bitcoin ETF providers, standing at a mere 0.20%.

Setting itself apart, BITB stands as the pioneering Bitcoin ETF in the United States to openly disclose the Bitcoin addresses of its holdings. Additionally, the ETF distinguishes itself by committing to donate 10% of its profits to organizations supporting Bitcoin open-source development.

Bitwise CEO, Hunter Horsley, expressed optimism about Bitcoin’s trajectory in 2024, labeling it a “landmark year” for the cryptocurrency. He highlighted the ETF format as a “game-changer” for investors, emphasizing its pivotal role in meeting the demands of financial advisors.

Horsley underscored the importance of ETFs in the realm of wealth management, stating that 88% of financial advisors keen on crypto investments were eagerly awaiting a Bitcoin ETF. With over $20 trillion in assets under management, these advisors now have access to this asset class, contributing significantly to BITB’s rapid adoption.

According to Horsley, Bitcoin ETFs offer a seamless solution for advisors to manage clients’ exposure to Bitcoin within the framework of comprehensive wealth management strategies. By incorporating asset allocation, tax and estate planning, and financial reporting, advisors can streamline the process and mitigate the risk associated with clients seeking exposure through online apps and exchanges outside their established workflow.

In addressing this longstanding concern, Horsley emphasized the pivotal role of Bitcoin ETFs in empowering advisors and facilitating responsible investment practices, a factor that has undoubtedly propelled BITB’s early success in the market.

Image by 3D Animation Production Company from Pixabay

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