10 Crypto Index Fund, approval, Bitcoin, Bitcoin (BTC), Bitwise, Bitwise Bitcoin Fund, Bitwise Fund, BTC, ETF, etn, finra, grayscale, grayscale bitcoin trust, Large Digital Cap Fund, OTC, OTCQX, Regulations, Trusts

On February 2, the crypto asset manager, Bitwise Asset Management, announced it had filed a Form 211 with the U.S. Financial Industry Regulatory Authority (FINRA). If the proposal is approved Bitwise will be able to deploy its shares publicly via over-the-counter (OTC) desks and secondary markets.

Bitwise Plans to Compete With Grayscale’s Bitcoin Trust

The popular cryptocurrency index fund provider, Bitwise Asset Management, hopes to get regulatory approval from America’s financial regulators in order to publicly list the Bitwise Bitcoin Fund on OTC markets. The Bitwise Bitcoin Fund (BBF) if approved, will follow the public quotation of the firm’s Bitwise 10 Crypto Index Fund that recently obtained regulatory approval.

The BBF will trade on OTCQX Best Market and currently Bitwise hasn’t chosen a ticker for the fund yet. Bitwise President Teddy Fusaro explained during the announcement that the fund has been managed since 2018 and the company looks forward to an OTCQX public quotation.

“We are tremendously excited to take the Bitwise Bitcoin Fund down the path recently taken by the Bitwise 10 Crypto Index Fund (OTCQX: BITW),†Fusaro said. “We have been managing this fund since 2018, offering investors a cost-effective, convenient, and secure means of gaining investment exposure to bitcoin, and are excited to potentially see shares of the fund quoted on OTCQX,†the crypto asset manager’s President added.

Bitwise Chief Investment Officer: ‘There Is Significant Growth in Interest From Professional Investors in Accessing Bitcoin’

The Bitwise Bitcoin Fund will compete with the likes of Grayscale, a fund manager that has created numerous trusts that are sold on OTC markets. Grayscale also has a fund that is similar to Bitwise’s 10 Crypto Index Fund called the Large Digital Cap Fund.

Both firms recently removed the crypto asset XRP from these two specific funds holding a basket of digital currencies. While Grayscale has had the opportunity to deploy the fund to a broader audience, Bitwise has had to keep the BBF strictly for private placements by accredited investors.

“There is significant growth in interest from professional investors in accessing bitcoin as a tool to hedge their portfolios against rising inflationary risks,†added Matt Hougan, Bitwise chief investment officer. “Financial advisors, in particular, are taking note of the large allocations that hedge funds, institutions, insurance companies, and traditional asset managers are making to bitcoin, and based on our recent survey of nearly 1,000 financial advisors, many are deciding that now is the time to consider an allocation of their own.â€

Meanwhile, exchange-traded notes and trusts like Grayscale have been the only investment vehicles open to the public that give investors exposure to bitcoin and other digital assets. People are hoping the U.S. Securities and Exchange Commission (SEC) will approve a bitcoin exchange-traded fund (ETF) in 2021.

A number of crypto proponents believe an ETF will be approved this year, as firms like Valkyrie Digital Assets and Vaneck are racing for approval.

What do you think about the Bitwise Bitcoin Fund applying with FINRA to get listed on OTCQX Best Market? Let us know what you think in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

On Saturday, February 27, 2021, news.Bitcoin.com reported on the great number of 2010 and 2011 block rewards being spent this year. In that report, it was said that the mysterious whale entity we’ve been hunting “did not move a major string of bitcoin’s†since January 25. Following the publishing of that study, on Sunday, the […]

Xem chi tiết: 20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

Cryptocurrency exchange Coinbase has filed for an initial public offering with the U.S. Securities and Exchange Commission (SEC). The company has chosen the direct listing route and has applied for its shares to be listed on Nasdaq. Coinbase filed Form S-1 Registration Statement for its IPO with the SEC on Thursday. The company revealed in […]

Xem chi tiết: Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

A number of forum posts and tweets say that the website bitcoinpaperwallet.com is compromised and people have said they have lost bitcoin using the paper wallet generator. Three years ago the website domain changed ownership and ever since then losses have been reported on Reddit forums, bitcointalk.org, Twitter, and other public venues. The owner of […]

Xem chi tiết: Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

Recently, Messari Crypto Researcher, Mira Christanto published a report that looks into Asia’s cryptocurrency landscape in-depth, as 60% of the world’s population resides in the region. Christanto’s study shows that six out of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of ethereum-based futures and 94% of bitcoin futures volumes stem […]

Xem chi tiết: Report: Asia’s Cryptocurrency Landscape the Most Active, Most Populous Region ‘Has an Outsize Role’

JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It a Poor Hedge

After saying that cryptocurrencies “rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits,†JPMorgan says investors can put 1% of their portfolios in cryptocurrencies. This can help “achieve any efficiency gain in the overall risk-adjusted returns of the portfolio,†the firm’s strategists explained. Investors Can Allocate 1% of Portfolios to […]

Xem chi tiết: JPMorgan Says Investors Can Put 1% of Their Portfolios in Bitcoin Despite Calling It a Poor Hedge

Institutional Investors Pile Into Crypto Exchange-Traded Products: Managed Assets Rise to $44 Billion This Month

The total assets under management across all crypto exchange-traded products (ETPs) worldwide have risen 50% this month to nearly $44 billion. Among listed products, Grayscale’s bitcoin trust tops the list with the most assets under management while Bitwise’s fund was the best performing bitcoin product by market price over the last 30 days. Cryptocompare published […]

Xem chi tiết: Institutional Investors Pile Into Crypto Exchange-Traded Products: Managed Assets Rise to $44 Billion This Month

The $282 Million Awakenings: 120 Bitcoin Block Rewards from 2010 and 2011 Woke Up This Year

On February 25, onchain analysts noticed two 2010 block rewards that were transferred after sitting dormant for over a decade. A lot of old blocks have been spent in 2021, and after the large strings of 2010 block rewards spent on January 3rd and 10th, another massive string of 20 block rewards from 2010 were […]

Xem chi tiết: The $282 Million Awakenings: 120 Bitcoin Block Rewards from 2010 and 2011 Woke Up This Year

Arca to Join the Bitcoin Trust Race Competing Against Numerous Crypto Fund Rivals

Another firm is joining the bitcoin trust sector, as the California fund manager Arca has filed a registration with the U.S. Securities and Exchange Commission (SEC) for its Arca Accredited Investor Bitcoin Trust. The trust will compete with a number of competitors including Grayscale’s popular bitcoin investment vehicle GBTC. Arca Files With the US SEC […]

Xem chi tiết: Arca to Join the Bitcoin Trust Race Competing Against Numerous Crypto Fund Rivals

Investment Firm Launches the First ‘Crypto Hedge Fund’ in Spain- Plans to Expand Across Europe, Latin America

Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens

Spanish Real Estate Agency Offers an Apartment in Barcelona for Sale in Bitcoin- Taxes Must Be Paid in Fiat

Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen

Cryptocurrency Adoption Passes Another Milestone Surpassing 100 Million Users

Craig Wright Plans to Take Legal Action Against BTC Developers, Hopes to Recover Over $3B in ‘Stolen Bitcoin’

Coinbase Files for IPO via Direct Listing on Nasdaq — Valuation Soars Above $100 Billion

Bitcoin Dump Saw Exchange Inflow Jump Over 1,000%, Whale Address Sells 2,700 Coins, F2pool Hawks 3,633 BTC

Other Articles