Bitwise Bitcoin ETF Among Top 25 Fastest ETFs to Reach $1 Billion in Assets + More Crypto News
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Crypto index fund manager Bitwise Asset Management said that the Bitwise Bitcoin ETF (BITB) surpassed $1 billion in assets under management (AUM) less than five weeks after the fund’s launch.
Per the press release, this makes it one of the top 25 fastest ETFs in history to reach the milestone.
Since its trading debut on January 11, BITB has seen more than $877 million in net inflows. This is an average of $36 million per day.
As of February 14, it had one of the lowest long-term fees of any Bitcoin ETF provider at 0.20%, the company said.
Furthermore, BITB was the first Bitcoin ETF in the US to publish the Bitcoin addresses of its holdings.
Also, the ETF donates 10% of its profits to organizations that fund Bitcoin open-source development.
Meanwhile, Bitwise CEO Hunter Horsley argued that,
“2024 will be a landmark year for bitcoin. […] The ETF format has already proven a “game-changer” for investors.”
He explained that 88% of financial advisors interested in investing in crypto were waiting for a Bitcoin ETF. Advisors who manage more than $20 trillion in the US can now access this asset class. Bitwise has seen substantial demand for the BITB from financial advisors in just the first few weeks.
According to Horsley, an ETF enables advisors to manage bitcoin exposure for clients along with all other components of wealth management. These include asset allocation, tax and estate planning, and financial reporting.
“Bitcoin ETFs empower advisors to avoid a longstanding concern: clients using online apps and exchanges outside their workflow to get exposure,” said Horsley.
Read more on cryptonews.com
