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Bitwise Bitcoin ETF Heats Competition With Approval By $100 Bln AUM Investment Firm – Crypto News

Published

1 year ago

February 24, 2024

Dripp

The Bitwise Bitcoin ETF (BITB) has taken the ETF competition to a new level with a significant milestone lately. Bitwise’s BITB has been witnessing increased adoption in recent times, further strengthening its position against prominent players, such as Grayscale’s GBTC and BlackRock’s IBIT. Moreover, the Bitwise CEO Hunter Horsley has maintained complete transparency on the collaborations secured via the Bitwise Bitcoin ETF.

Bitwise Bitcoin ETF Adopted By Major Investment Firm

Bitwise CEO Horsley took to X and revealed the adoption of BITB by a prominent wealth management firm with over $100 billion in Assets Under Management (AUM). Furthermore, Horsley expressed his excitement due to the latest development. In addition, he highlighted the investment firms’ quiet approach in offering their clients with BITB access. He noted, “Firms are quietly working to provide their advisors and clients with access. We love working with them.”

In addition, the Bitwise CEO underscored that Bitcoin ETFs have indeed “changed the game.” Moreover, in a recent interview with Axios, a news portal, the CEO revealed why investors were choosing them. Horsley said, “Investors are choosing us because they want to be working with the specialist.” Furthermore, he spotlighted that Bitwise’s BITB is the lowest-cost Bitcoin ETF boasting over $1 billion in assets.

Additionally, Horsley highlighted that it offers a penny-wide bid-ask spread and trades smoothly, further enhancing adoption. The Bitwise CEO also underscored that the BITB is the only Spot Bitcoin ETF with a published wallet address, allowing holders to transparently track their assets for not extra costs.

Also Read: Bitwise, Grayscale Seek SEC Nod for Bitcoin ETF Options

Bitwise & Grayscale Seek Approval For ETF Options

The U.S. Securities and Exchange Commission (SEC) is currently soliciting feedback from the public regarding a potential rule change that would permit the listing and trading of Spot Bitcoin ETFs on exchanges alongside derivatives. The move by the NYSE stemmed from the increasing demand for options trading on trusts like Bitwise’s BITB and Grayscale’s GBTC, which directly hold Bitcoin.

If the proposal garners approval, it will mark a significant milestone in the integration of crypto products into financial markets. ETFs would offer stock market participants new avenues for hedging, income generation, and speculation on Bitcoin’s price movements. The proposed amendment suggests that Bitcoin ETF options could be traded similarly to options on other ETFs, including those based on commodities.

It would entail regulatory considerations spanning listing mechanisms, expiry dates, strike prices, price fluctuations, trading suspension and resumption protocols, and customer account maintenance requirements. Moreover, the emergence of BTC ETF futures, alongside traditional financial products, underscores the increasing interest among supporters in crypto.

Also Read: Carson Group Gives Green Signal to Bitcoin ETFs as Client Demand Surges