$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), Bitwise has filed Form N-1A for a new product called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) earlier today.
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.
Per one press release from Bitwise, the application 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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