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Bitwise Bitcoin ETF
Bitwise Bitcoin ETF (BITB) is a spot bitcoin ETF launched in January 2024 by Bitwise Asset Management, offering regulated institutional exposure to...
Bitwise Bitcoin ETF
Bitwise Asset Management, founded in 2015 by Hunter Horsley, launched the Bitwise Bitcoin ETF (ticker: BITB) after the SEC approved spot bitcoin ETFs in January 2024. The wealth behind the firm is disconnected from any single family fortune — Bitwise operates as a regulated asset manager, not a family office. The ETF was Bitwise’s entry into the US spot-crypto ETF market, competing with products from BlackRock and Fidelity. Strategy centers on passive bitcoin exposure through a physically backed trust structure. The fund holds bitcoin in cold storage via Coinbase Custody, with net asset value calculated daily. Bitwise Bitcoin ETF targets institutional allocators, RIAs, and retail investors seeking price correlation to bitcoin without self-custody. Geographic coverage is global through US broker-dealers and advisory platforms. The ETF is Bitwise Asset Management’s flagship vehicle, though the firm also runs other crypto-index and thematic strategies. As of mid-2024, the fund had collected approximately $300M in AUM (per Bloomberg, June 2024). Bitwise maintains offices in San Francisco and New York. Structural differentiator: Unlike most family-office or crypto-fund structures, Bitwise Bitcoin ETF is a registered 1940 Act investment company filing periodic disclosures with the SEC. Its custodial, valuation, and reporting framework is designed for mainstream fiduciary use, setting it apart from private crypto pools or single-family trust vehicles.
General information
Firm type
Asset Manager
Year founded
2024
AUM
>$10M (per SEC filings, 2024)
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Hunter Horsley
CEO
Matt Hougan
Chief Investment Officer
Sector focus
Frequently asked questions
How does the Bitwise Bitcoin ETF custody its bitcoin?
Bitwise Bitcoin ETF uses Coinbase Custody as its custodian, storing bitcoin in cold storage offline. Coinbase is the same custodian used by several other spot bitcoin ETFs, including those from BlackRock and Fidelity.
Does the Bitwise Bitcoin ETF hold any derivatives or other crypto assets?
No. The fund holds only spot bitcoin, with no exposure to bitcoin futures, options, or other digital assets like ether. Its structure is a physically backed trust that tracks the price of bitcoin.
What is the expense ratio of the Bitwise Bitcoin ETF?
Bitwise Bitcoin ETF charges an expense ratio of 0.20%, with the first $1B in AUM waived to 0.0% for the initial six months post-launch (per the firm's prospectus, January 2024).
Who is the investment advisor for the Bitwise Bitcoin ETF?
Bitwise Asset Management serves as the investment advisor. Hunter Horsley is CEO and Matt Hougan is CIO. The fund's sponsor is Bitwise Investment Advisers, LLC.
Is the Bitwise Bitcoin ETF available to international investors?
The fund is US-domiciled and listed on the NYSE Arca under ticker BITB. Non-US investors can access it through broker-dealers that offer US-listed ETFs, subject to local regulations.
How does Bitwise Bitcoin ETF's structure differ from the Grayscale Bitcoin Trust (GBTC)?
BITB is an ETF that can create and redeem shares on demand, keeping its market price close to net asset value. GBTC was initially structured as a closed-end trust that often traded at a discount or premium to NAV. BITB also charges a materially lower fee (0.20% versus GBTC's 1.5% as of 2024).
Does Bitwise plan to launch other crypto ETFs?
Bitwise Asset Management has not publicly disclosed specific plans beyond the bitcoin ETF. However, the firm has previously offered other crypto-index strategies and thematic products, so additional offerings are possible.
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