Key Takeaways
- • The Bitwise Bitcoin ETF (BITB) is a spot bitcoin exchange-traded fund issued by digital asset manager Bitwise Investment Advisors, and it was among the first spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission on Jan. 11, 2024.
- • BITB charges a sponsor fee of 0.20%, though that fee is subject to change.
- • Bitwise was the first U.S. bitcoin ETF to publish the bitcoin addresses holding its fund's assets, allowing investors to verify holdings and flows on-chain.
- • BITB's digital asset custodian is Coinbase Custody Trust LLC, and its trust custodian is BNY Mellon.
- • BITB trades on NYSE Arca alongside Grayscale's GBTC and Hashdex's DEFI fund.
Summary
The Bitwise Bitcoin ETF (BITB) is an exchange-traded fund issued by Bitwise Investment Advisors, a cryptocurrency asset management firm offering index funds, liquid beta funds and other crypto strategies aimed at institutional-grade investors. According to The Block's explainer, BITB joined 10 other exchange-traded products on Jan. 11, 2024, when the U.S. Securities and Exchange Commission approved it as one of the first spot bitcoin ETFs.
A spot bitcoin ETF lets investors gain exposure to bitcoin's price movements without holding the asset directly. Shares represent ownership of a portion of the bitcoin held by the fund and trade on traditional stock exchanges through brokerage accounts. BITB carries a sponsor fee of 0.20%, which The Block notes may change.
Bitwise distinguishes its product through transparency. The firm was the first to disclose the public addresses for its spot bitcoin ETF holdings, announcing them on Jan. 24, 2024. In its announcement, Bitwise stated that "now anyone can verify BITB's holdings and flows directly on the blockchain." The fund is also one of a small number of spot bitcoin ETFs listed on NYSE Arca, alongside Grayscale Investment's GBTC and Hashdex's DEFI funds.
Custody arrangements include Coinbase Custody Trust LLC as the digital asset custodian, which The Block describes as the most popular custodian among spot bitcoin ETF issuers, and BNY Mellon as the fund's trust custodian. The article was last updated August 9, 2024.
A spot bitcoin ETF lets investors gain exposure to bitcoin's price movements without holding the asset directly. Shares represent ownership of a portion of the bitcoin held by the fund and trade on traditional stock exchanges through brokerage accounts. BITB carries a sponsor fee of 0.20%, which The Block notes may change.
Bitwise distinguishes its product through transparency. The firm was the first to disclose the public addresses for its spot bitcoin ETF holdings, announcing them on Jan. 24, 2024. In its announcement, Bitwise stated that "now anyone can verify BITB's holdings and flows directly on the blockchain." The fund is also one of a small number of spot bitcoin ETFs listed on NYSE Arca, alongside Grayscale Investment's GBTC and Hashdex's DEFI funds.
Custody arrangements include Coinbase Custody Trust LLC as the digital asset custodian, which The Block describes as the most popular custodian among spot bitcoin ETF issuers, and BNY Mellon as the fund's trust custodian. The article was last updated August 9, 2024.
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