$4.5 billion crypto asset manager Bitwise is filing its second crypto exchange-traded fund (ETF) this week.
According to the U.S. Securities and Exchange Commission (SEC), earlier today Bitwise filed a Form N-1A for a new product called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC).
A Form N-1A is a mandatory registration form for management companies.
This is the second ETF filing Bitwise has filed with the SEC this week.
On Wednesday morning, Bitwise filed an S-1 registration statement with the SEC for a spot XRP ETF that tracks the price movements of XRP, according to a report.
Bitwise has already successfully launched ETFs for Bitcoin (BTC) and Ethereum (ETH) in the United States.
According to today’s filing, BITC will be a new type of ETF product that aims to capitalize on Bitcoin’s potential upside while limiting downside risks by switching to US Treasury bonds when Bitcoin’s volatile price consolidates.
According to a press release from Bitwise, the filing is part of a larger move to convert three futures-based ETFs into investment vehicles with a trend-oriented strategy.
“The conversion is expected to take place on or around December 3, 2024. The funds will change their names and strategies as follows:
BITC: The Bitwise Bitcoin Strategy Optimum Roll ETF will convert into the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF
AETH: The Bitwise Ethereum Strategy ETF will convert into the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF
BTOP: The Bitwise Bitcoin and Ether Equal Weight Strategy ETF will convert into the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF”
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