$4.5 billion crypto asset manager Bitwise is filing for its second crypto exchange-traded fund (ETF) this week.
According to the U.S. Securities and Exchange Commission (SEC), Bitwise filed a Form N-1A for a new product called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) earlier today.
A Form N-1A is a required registration form for management companies.
This is the second ETF filing that Bitwise has made with the SEC this week.
On Wednesday morning, Bitwise submitted an S-1 registration statement to the SEC for a spot XRP ETF tracking the price movements of XRP, according to a report.
Bitwise has already successfully launched ETFs in the United States for Bitcoin (BTC) and Ethereum (ETH).
According to today’s filing, BITC will be a novel type of ETF product aiming to capitalize on the potential upside of Bitcoin while also mitigating downside risks by rotating into U.S. Treasuries when Bitcoin’s volatile price consolidates.
Per a press release from Bitwise, the filing is part of a larger movement to convert three futures-based ETFs into trendwise strategy investment vehicles.
“The conversion is expected to take place on or around December 3, 2024. The funds will change their names and strategies as follows:
BITC: The Bitwise Bitcoin Strategy Optimum Roll ETF will convert to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF
AETH: The Bitwise Ethereum Strategy ETF will convert to the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF
BTOP: The Bitwise Bitcoin and Ether Equal Weight Strategy ETF will convert to the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DreamStudio
Credit: Source link
