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News

Bitwise Bitcoin ETF Is Now In The Portfolio Of 20% Of Wealth Management Branches Of A US Bank

July 20, 2024 - Around 2 mins mins to read

Key Points:

  • Bitwise Bitcoin ETF received $44 million in inflows on Friday, raising total weekly inflows to over $68 million with assets under management of more than $2.5 billion.
  • A significant U.S. bank now includes BITB in 20% of its wealth management branches.
  • BITB donates 10% of its gross profits to open-source Bitcoin developers, while its strong performance has made it the fourth largest among recent Bitcoin ETFs.
On Friday, the Bitwise Bitcoin ETF (BITB) experienced a significant influx of $44 million, pushing the total weekly inflows to over $68 million.
Bitwise Bitcoin ETF Is Now In The Portfolio Of 20% Of Wealth Management Branches Of A US Bank

Read more: Bitwise Spot Ethereum ETF Joins Line Waiting For SEC Approval

Bitwise Bitcoin ETF Sees Record Inflows, Assets Surge

The surge has propelled BITB’s total assets under management beyond $2.5 billion. Currently, Bitwise Bitcoin ETF holds approximately 40,500 BTC, valued at around $2.71 billion.

Bitwise Investments CEO Hunter Horsley highlights the growing mainstream acceptance of Bitcoin and cryptocurrencies. According to recent reports, a major U.S. bank has integrated BITB into 20% of its wealth management branches, reflecting increased institutional interest.

BITB Supports Bitcoin Development with Profit Donations

Bitwise Bitcoin ETF is also notable for its commitment to supporting the Bitcoin development community, with 10% of its gross resources donated to open-source developers. Horsley expressed gratitude to investors and encouraged encouragement of the Bitcoin Conference to connect with team members Matt Hougan and Hong Kim.

The ETF’s impressive performance has helped it secure the fourth spot among recent Bitcoin ETF launches, behind BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Trust (FBTC), and Ark and 21 Shares ETFs. The Bitcoin price has also risen by 4.2%, surpassing $67,000, after a week of positive signs.

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.

Bitcoin

Bitcoin ETF

Bitwise

Bitwise Bitcoin ETF

BTC

Hunter Horsley

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.