Crypto Asset Manager Bitwise Files for Second Crypto ETF This Week

$4.5 billion crypto asset manager Bitwise is filing for its second crypto exchange-traded fund (ETF) this week.

A crypto asset manager valued at $4.5 billion is submitting a filing for its second crypto exchange-traded fund (ETF) this week.

According to the U.S. Securities and Exchange Commission (SEC), Bitwise filed a Form N-1A for a new product called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC) on Friday.

A Form N-1A is a registration form required by management companies.

This marks the second ETF filing that Bitwise has made with the SEC this week.

On Wednesday morning, Bitwise submitted an S-1 registration statement to the SEC for a spot XRP ETF that will track the price movements of XRP, a report noted.

Earlier this year, Bitwise successfully launched ETFs in the United States for both Bitcoin (BTC) and Ethereum (ETH).

According to today’s filing, BITC will be a new type of ETF product that aims to capitalize on the potential upside of Bitcoin while also mitigating downside risks by rotating into U.S. Treasuries when Bitcoin's volatile price consolidates.

The filing is part of a broader effort to convert three futures-based ETFs into trendwise strategy investment vehicles, according to a press release from Bitwise.

“The conversion is expected to occur 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 to the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

AETH: The Bitwise Ethereum Strategy ETF will convert to the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF

BTOP: The Bitwise Bitcoin and Ether Equal Weight Strategy ETF will convert to the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF