Bitwise is mimicking Grayscale into offering crypto shares on over-the-counter markets.
Shutterstock cover by SynthEx
Key Takeaways
Bitwise launched a crypto index on U.S. OTC markets for institutional traders.
The fund, like Grayscale’s crypto shares, are trading at a high premium, opening 54% higher than the actual value.
Share this article
Bitwise announced its crypto index on professional trading desks such as Fidelity and TD Ameritrade for institutional traders.
Bitwise’s Soft Crypto ETF
Bitwise grabbed headlines last year with a Bitcoin ETF application. The SEC, however, turned the firm down along with every other ETF hopeful.
The crypto indices have been available via private placements (or contracts) to hedge funds, financial advisors, college endowments, and family offices.
The fund’s placement on OTC markets like OTCQX® Best Market now enables brokerage services like Fidelity, Schwab, E*Trade, and TD Ameritrade to offer these shares.
The Bitwise 10 Crypto Index Fund, as the name suggests, is composed of ten cryptocurrencies weighted and managed by the firm.
Currently, one share represents 76.37% holdings in Bitcoin, and the rest is divided into the following altcoins: Ethereum (12.96), XRP (5.73), Litecoin (1.24), Bitcoin Cash (1.09), Chainlink (0.94), Stellar (0.69), EOS (0.59) and Tezos (0.38). The shares are rebalanced every month.
The ticker for the index is BITW and began trading at $26 on Fidelity this morning, at a premium of 54% over the net asset value (NAV). The index has yielded 166% since the beginning of the year.
Grayscale is the market leader in offering crypto shares to institutional investors with $12 billion in assets under management (AUM). Bitwise currently manages around $100 million.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
One of Wall Street’s fiercest Bitcoin supporters, Fidelity Investments, is launching an institutional-focused Bitcoin fund. As companies and funds turn their attention to Bitcoin, regulated investment vehicles that cater to...
Bitcoin’s Market Cap Could Surpass $1 Trillion, Says Fidelity Report
Fidelity published a report last week focused on Bitcoin’s role as an alternative investment and how investing in BTC can help institutions diversify and eliminate risks related to traditional asset...
Will ETF Approval Really Lead To A Flood Of Crypto Cash?
Roses are red, Markets are Green. ETFs coming, but what does that mean? Crypto-world has something new to get excited over. The Securities and Exchange Commission is discussing Bitcoin once...
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the...
