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Bitwise Ethereum ETF
Bitwise Ethereum ETF (ETHW) — the US spot Ethereum ETF from Bitwise Asset Management, trading on NYSE Arca since July 2024.
Bitwise Ethereum ETF
Bitwise Asset Management, founded in 2017 by Hunter Horsley, initially focused on index-based crypto funds before expanding into single-asset ETFs. The firm filed for the Ethereum ETF in late 2023, ahead of the SEC's approval in May 2024 of multiple spot Ethereum ETFs. Bitwise's fund trades under the ticker ETHW on NYSE Arca. The Bitwise Ethereum ETF holds physical ETH, stored with Coinbase Custody (per the prospectus, 2024). The fund does not stake its ETH — a structural choice that distinguishes it from some global competitors. Bitwise positions ETHW as a diversification tool within broader crypto portfolios, alongside its Bitcoin ETF (BITB). The firm has published its ETH wallet on its website since launch. Bitwise managed approximately $5B in total assets across all products as of mid-2024 (per Bitwise, 2024). The firm employs roughly 100 people across its San Francisco and New York offices. Bitwise runs a parallel venture arm, Bitwise Ventures, though the ETF is managed separately. The fund's key differentiator is its transparency policy: Bitwise publishes the wallet address and holdings of ETHW daily, allowing investors to verify the fund's holdings on-chain. This practice, rare among ETF issuers, carries over from BITB's model.
General information
Firm type
Exchange-Traded Fund
Year founded
2024
AUM
Undisclosed
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
Who runs investment decisions at the Bitwise Ethereum ETF?
The fund is managed by Bitwise Asset Management's investment team, led by CIO Matt Hougan. Hougan joined Bitwise in 2018 after serving as CEO of ETF.com. Day-to-day portfolio management is handled by a dedicated team within Bitwise's San Francisco office (per Bitwise's prospectus, 2024).
How does the Bitwise Ethereum ETF source its ETH?
The fund purchases ETH on the open market through execution brokers, then places the ETH with Coinbase Custody as the fund's qualified custodian. Bitwise publishes the fund's public wallet address daily, allowing independent verification of holdings (per the firm's website, 2024).
Does the ETF stake its Ethereum?
No. The Bitwise Ethereum ETF does not stake the ETH it holds. This is a deliberate structural decision by Bitwise, driven by regulatory uncertainty around staking within ETF structures in the US. The fund's only income comes from changes in ETH's market price (per the prospectus, 2024).
What is the expense ratio of the Bitwise Ethereum ETF?
Bitwise set the management fee at 0.20% for the first $500M in assets, and 0.25% thereafter. This was among the lowest fees for a US-listed spot Ethereum ETF at launch, competitive with offerings from BlackRock and Fidelity (per Bitwise, July 2024).
Is Bitwise a crypto-native firm or a traditional asset manager entering digital assets?
Bitwise is crypto-native — it was founded in 2017 exclusively to build digital-asset investment products. The firm launched one of the first crypto index funds for accredited investors, then moved into ETFs. It now manages multiple crypto ETFs and separately managed accounts, all focused on blockchain-based assets (per Bitwise, 2024).
How does Bitwise ensure the fund's ETH isn't lent out or used in other activities?
The fund's structure prohibits lending or rehypothecation of its ETH holdings. Coinbase Custody maintains the assets in segregated accounts. Bitwise publishes a daily file showing the fund's exact wallet address and current holdings, allowing public on-chain verification that no assets have been moved or encumbered (per Bitwise's transparency page, 2024).
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