Bitwise ETF BITQ Surpasses $100M in Cypto Assets Under Management

blockchain.news:

Bitwise Asset Management, a leading crypto asset manager, has announced that its Crypto Industry Innovators ETF (NYSE: BITQ) recently surpassed $100 million in assets under management. This milestone comes amid a turning point for the crypto sector, which has seen positive industry developments, strong market performance, and growing investor interest throughout 2023.

As of June 30, bitcoin had risen more than 83% year-to-date, while BITQ was up more than 135% over the same period. Since the fund's inception in 2021, investors have utilized BITQ for its potential impact on portfolio diversification and as a way to access an emerging growth sector through a traditional equity ETF vehicle.

The BITQ ETF seeks to track an index designed by Bitwise that consists of leading companies driving the fast-growing crypto economy. At each rebalancing, at least 85% of BITQ’s holdings are “pure-play” firms, which derive more than three-quarters of their revenue from crypto-related businesses, while up to 15% of holdings are reserved for more diversified companies making meaningful investments in the space.

Bitwise has also been in the news recently for its refiling of a spot Bitcoin ETF application with the SEC, which was officially acknowledged by the regulatory body.  Bitwise  first filed for a spot Bitcoin ETF in October 2021, but amended and refiled their application on June 28 of this year. This move followed a host of institutional applications, fueled by BlackRock's June 15 spot Bitcoin ETF application.

Bitwise's Chief Investment Officer, Matthew Hougan, emphasized the importance of BlackRock's move, stating, “You have to listen when Blackrock comes to the market, because they're the largest ETF issuer in the world,