Bitwise opened investments in its crypto fund through brokerage accounts in the USA
Digital asset management company Bitwise Asset Management has listed its index fund in OTC markets in the US, making it available for trading through traditional brokerage accounts..
Until that time, the Bitwise 10 Crypto Index Fund (BITW) was only available through a private placement at net acquisition value. The listing of the fund on the OTC Markets Group platform will allow its shares to be traded publicly. This was preceded by an assessment by the Financial Services Regulatory Authority (FINRA).
Rival company Grayscale Investments has long offered shares of its trusts over the counter. Bitwise’s head of research, Matthew Hogan, explained that they hadn’t used OTC platforms before, as their main clients “are just starting to invest heavily.”.
At the end of October, the volume of assets under management of Bitwise amounted to more than $ 100 million. The firm associates the growth in indicators with the interest of hedge funds, financial advisers and asset managers..
The Bitwise 10 Crypto Fund is tied to a capitalization-weighted basket of the top 10 cryptocurrencies. As of the end of November, 75% of his basket was represented by Bitcoin, 13% – Ethereum.
“BITW is focused on financial advisors. Financial advisors need a safe and easy method of investing clients’ assets in cryptocurrencies, ”added Hogan..
Bitwise previously unsuccessfully sought permission to list an exchange-traded fund (ETF) based on bitcoin with the US Securities and Exchange Commission (SEC). Unlike ETFs, an OTC fund does not require registration with the SEC. Despite today’s listing, Bitwise is not going to abandon its plans to launch a Bitcoin ETF.
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