Bitwise opens access to Bitwise 10 Crypto Index Fund on the US OTC market

Bitwise Asset Management has listed the Bitwise 10 Crypto Index Fund on the OTCQX over-the-counter market. Shares are available through brokerage accounts.

We are beyond excited to announce that the Bitwise 10 Crypto Index Fund is the first US publicly-traded crypto index fund.

Fund shares are now trading in traditional brokerage accounts under the ticker BITW.

Press release: https://t.co/1frCdlmueC pic.twitter.com/cuL2HudYeT

— Bitwise (@BitwiseInvest) December 9, 2020

The instrument with $120 million in assets under management is available under the ticker BITW. Previously, it could only be purchased through a private placement at net asset value.

The listing was approved by FINRA.

In addition to Bitwise 10 Crypto Index Fund, the company offers investors funds based on Bitcoin and Ethereum, the shares of which are also available in private placement form.

On OTCQX, shares of about 11,000 large American and international companies that meet high financial standards, U.S. laws and best practices of corporate governance trade, but do not wish to meet all SEC disclosure requirements. The market also hosts Grayscale Investments’ Bitcoin Trust (GBTC).

The Bitwise 10 Crypto Fund tracks the Bitwise 10 Large Cap Crypto Index. The latter is a basket of market-cap-weighted the ten largest cryptocurrencies with monthly rebalancing after risk assessment.

As of December 1, the index is 75% Bitcoin and 13% Ethereum. The remaining 12% is distributed among XRP, Litecoin, Chainlink, Tezos and other cryptocurrencies.

All acquired coins are moved to cold storage by a regulated custodian. Liability insurance and an annual audit are provided.

According to the press release, from January through November 30, Bitwise 10 Crypto delivered 184% returns to holders before fees; during this period Bitcoin rose by 175.1%.

“The start of public trading of BITW shares will significantly simplify access for financial advisers, family offices, private individuals and institutional funds,” said Hunter Horsley, co-founder and CEO of Bitwise Asset Management.

Earlier in October, Bitwise assets under management exceeded $100 million.

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