Bitwise CEO Hunter Horsley announced in a post on X that Bitwise’s Bitcoin ETF (BITB) options are expected to begin trading on Wednesday. The trading volume of BITB today is approximately $115 million, with assets under management(AUM) close to $4 billion.
Hunter Hosley wrote, “We expect options on the Bitwise Bitcoin ETF ( $BITB ) to begin trading Wednesday.” As before, investors can view the public address on the ETP’s official website to verify the Bitcoin holdings and donate 10% of the gross profit to Bitcoin’s open-source developers, according to the CEO.
We expect options on the Bitwise Bitcoin ETF ( $BITB ) to begin trading Wednesday.
BITB traded around $115M of volume today, with AUM near $4B.
As ever, the public addresses allowing investors to verify the Bitcoin holdings are published on the ETP website and 10% of gross…
— Hunter Horsley (@HHorsley) November 19, 2024
As per the prospectus available on BITB site, “Bitwise Investment Manager, LLC, an affiliate of the Sponsor, is expected to purchase the initial Baskets of Shares for
$2,500,000, at a per-Share price of $25 for these 100,000 Shares (the “Seed Baskets”). Such proceeds are expected to be used by the Trust to purchase bitcoin at or prior to the listing of Shares on the Exchange.”
The prospectus also shared that Bitwise Investment Manager will serve as a statutory underwriter for the initial purchase of the Seed Baskets. Additionally, Pantera Capital, through its affiliated investment funds, has expressed interest in acquiring up to $200 million worth of Shares in this offering. These purchases may occur either from Authorized Participants or through the marketplace via broker-dealers. However, since these expressions of interest are not binding agreements, the potential buyers may ultimately choose to purchase more, fewer, or no shares at all, noted the prospectus.
Courtesy: BITB ETF form
Bitwise has also explained in its document, that the offering of the Shares is registered with the U.S. Securities and Exchange Commission (“SEC”) in accordance with the Securities Act of 1933 (the “1933 Act”).
As of November 18, Bitwise Bitcoin ETF (BITB) had a daily inflow of $24.37 Million and has the cumulative net inflow of $2.31 billion.
Note: BITB is not suitable for all investors. An investment in BITB is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. BITB is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not afforded its protections.
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