Bitwise CEO Hunter Horsley announced in a post on X that Bitwise options on the Bitcoin ETF (BITB) are expected to begin trading on Wednesday. BITB’s trading volume today is approximately US$115 million and assets under management (AUM) are approximately US$4 billion.
Hunter Hosley wrote: “We expect options on the Bitwise Bitcoin ETF ($BITB) to begin trading on Wednesday.” According to the CEO, as before, investors can view the public address on the ETP’s official website to check for Bitcoin availability and donate 10% of gross profits to open source Bitcoin developers.
We expect options on the Bitwise Bitcoin ETF ($BITB) to begin trading on Wednesday.
BITB trading volume today was about $115 million and AUM was about $4 billion.
As always, public addresses allowing investors to check for Bitcoin are published on the ETP website, and 10% of the gross amount…
— Hunter Horsley (@HHorsley) November 19, 2024
According to the prospectus available on the BITB website, “Bitwise Investment Manager, LLC, an affiliate of the Sponsor, is expected to purchase initial baskets of shares for
$2,500,000 at a price of $25 per share for those 100,000 Shares (the “Seed Baskets”). It is expected that such proceeds will be used by the Trust to purchase Bitcoin at or prior to the listing of the Shares on the Exchange.”
The prospectus also states that Bitwise Investment Manager will act as the legal underwriter for the initial purchase of the seed baskets. In addition, Pantera Capital, through its affiliated investment funds, has expressed interest in purchasing up to $200 million of shares in this offering. These purchases can be made either from Authorized Participants or through the marketplace through broker-dealers. However, because these expressions of interest are not binding agreements, potential buyers may ultimately decide to buy more, fewer or no shares, the prospectus noted.
Bitwise also explained in its filing that the offering of Shares was registered with the United States Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act of 1933 (the “1933 Act”).
As of November 18, the Bitwise Bitcoin ETF (BITB) had daily inflows of $24.37 million and cumulative net inflows of $2.31 billion.
Note: BITB is not suitable for all investors. Investments in BITB are subject to a high degree of risk, have the potential for significant volatility and may result in significant or complete loss of your investment. BITB is not an investment company registered under and does not enjoy the protections of the Investment Company Act of 1940 (the “1940 Act”).
