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News

Bitwise Spot Bitcoin ETF Was Approved For Full Access To Advisors At A $30B Nation-wide RIA

February 20, 2024 - Around 2 mins mins to read

Key Points:

  • Bitwise spot Bitcoin ETF hits $1B AUM, becoming a major player in the market.
  • Secures access to a major RIA, affirming Bitwise’s position as a top-five Bitcoin fund in the US.
  • SEC approval for Bitwise’s ETF signals broader acceptance of Bitcoin, paving the way for increased investments.
Bitwise spot Bitcoin ETF (BITB) has achieved a significant milestone by surpassing $1 billion in assets under management (AUM), as announced by CEO Hunter Horsley.
Bitwise Spot Bitcoin ETF Was Approved For Full Access To Advisors At A $30B Nation-wide RIA

Read more: Bitcoin Spot ETF and Futures ETF: Differences To Make The Right Investment Choice

Bitwise Spot Bitcoin ETF Surpasses $1 Billion AUM Milestone

The fund, which tracks Bitcoin’s performance, received a notable $21 million inflow on Tuesday, contributing to its weekly total of $230 million. This surge in demand reflects Bitcoin’s valuation surpassing $50,000 on the same day.

The approval for full access to advisors at a $30 billion nationwide RIA, one of the country’s largest, further solidifies Bitwise spot Bitcoin ETF‘s position in the market, according to Horsley. The company’s success catapults it to become the fifth-largest Bitcoin fund in America, joining industry giants like Grayscale Bitcoin Trust (GBTC) and iShares Bitcoin Trust (IBIT) from BlackRock.

Institutional Interest and Education Drive Bitwise’s Rapid Growth

Bitwise’s remarkable growth in the ETF market is underscored by its $126.5 million inflow in a single day, marking its second-largest intake since inception. Chief Investment Officer Matt Hougan expressed astonishment at the rapid expansion, while also cautioning about sustaining such growth. He predicts another 18 months of growth for the fund.

The fund’s success is attributed to increasing institutional interest in Bitcoin, coupled with efforts to educate and engage financial advisors. Bitwise’s proactive approach, including over 20,000 meetings with advisors last year, prepared the ground for regulatory approval.

The approval of Bitwise spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) in January 2024, alongside ten others, marks a significant milestone in the crypto industry. Previously rejected and postponed, this approval signals broader acceptance of Bitcoin and facilitates increased investments in the cryptocurrency.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.