“We are aware that other investment firms have filed for cryptocurrency ETFs under the Securities Act of 1933, and that there continues to be interest in filing under the Investment Company Act of 1940. As best we know, all of these funds plan to offer exposure to a single coin such as bitcoin or ethereum. That is fine, but our proposed offering is obviously different,” said Bitwise Global Head of Exchange-Traded Products John Hyland. “We know that the current crypto ETF filings have generated a great deal of discussion and analysis within the SEC about this emerging asset class, and the SEC and its staff, to their credit, have asked for public comment on a wide range of issues relating to these products. We expect the staff of the SEC has had ongoing discussions with the investment firms making the crypto filings to date, and we look forward to having our own discussions with the SEC about the nature of our proposed offering.”
Founded in 2017, Bitwise Asset Management is a cryptocurrency asset manager. Bitwise launched the first privately-offered cryptocurrency index fund, the HOLD 10 Private Index Fund, on November 22, 2017. The fund is a private placement vehicle that is open to accredited investors and offers weekly liquidity. It tracks the same index as the proposed ETF.
Bitwise is backed by leading institutional and individual investors, including Khosla Ventures, General Catalyst, Blockchain Capital, Naval Ravikant, David Sacks, Elad Gil, Adam Nash, Adam Ludwin, Suna Said, and Avichal Garg. The firm is a partner to individuals, financial advisors, family offices, investment managers, and institutions in navigating cryptocurrency. The team behind Bitwise has expertise in technology, security, and finance, and is headquartered in San Francisco.
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