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Bitwise Just Made History With Its Spot Bitcoin ETF: Details

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Thu, 25/01/2024 - 12:31
Bitwise Just Made History With Its Spot Bitcoin ETF: Details
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History was made earlier this month when the United States Securities and Exchange Commission (SEC) greenlighted spot Bitcoin Exchange Traded Fund (ETF) product from 11 applicants, including Bitwise. Besides this general history, Bitwise has also made a name for its spot Bitcoin ETF product, which now ranks as the most collateralized BTC ETF in the market today.

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The firm achieved this feat by making a very rare play that other managers are now following. It published its spot Bitcoin ETF address for the public to see and possibly track its content, if need be. This transparency move has triggered a goodwill donation from an anonymous Bitcoin holder, who sent a total of 6,969 Sats to the published address.

Commenting on the trend, Bloomberg’s ETF Analyst Eric Balchunas noted that someone donating to an active ETF product is a one-of-a-kind move that is made possible with a rare approach to transparency.

In a follow-up comment, Balchunas highlighted a major dilemma created by the generosity as the transferred fund did not result in the creation of new shares as expected. He doubts whether this BTC would impact the price of the underlying asset, considering the unconventional way it was added to Assets Under Management (AUM).

Bitwise’s subtle marketing war

In a highly competitive market dominated by the likes of Grayscale Investments, BlackRock and Fidelity Investments, smaller asset managers like Bitwise need to deploy rare strategies to stay ahead of the curve. Publishing its address is one of these ways.

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Bitwise is also one of the first issuers to release a commercial for the spot Bitcoin ETF product even before the product was greenlighted by the SEC for trading. In order to put its best foot forward, the firm also lowered its fees to 0.20% alongside a 0% charge for the first six months, or $1 billion in total assets locked.

The moves has thus far helped Bitwise, as the firm’s ETF product has gotten the publicity and adoption it craves.

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