{"id":398923,"date":"2020-12-14T08:03:52","date_gmt":"2020-12-14T13:03:52","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398923"},"modified":"2020-12-14T08:03:52","modified_gmt":"2020-12-14T13:03:52","slug":"bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/","title":{"rendered":"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">BITW shares traded more than $67 million in their first three days on OTCQX Best Market\u00ae, becoming the most highly traded crypto fund launch in history.<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SAN FRANCISCO<\/span>, <span class=\"xn-chron\">Dec. 14, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011637-1&amp;h=2257106380&amp;u=http%3A%2F%2Fwww.bitwiseinvestments.com%2F&amp;a=Bitwise+Asset+Management\" rel=\"nofollow noopener noreferrer\">Bitwise Asset Management<\/a><\/u>, a leading crypto fund manager, announced that the Bitwise 10 Crypto Index Fund (ticker: BITW) saw record initial trading volumes of its shares in the secondary market following its debut on OTCQX Best Market\u00ae on <span class=\"xn-chron\">Wednesday, December 9<\/span>. More than <span class=\"xn-money\">$67 million<\/span> of shares traded in the first three days, making it the highest volume debut of a publicly-traded crypto fund in U.S. history.<\/p>\n<p>The prior record holder, the Grayscale Ethereum Trust, saw just over <span class=\"xn-money\">$9M<\/span> in trading volume during the first three days following its debut on OTCQX on <span class=\"xn-chron\">June 25, 2019<\/span>. The Grayscale Bitcoin Trust, the largest crypto fund, with more than <span class=\"xn-money\">$10 billion<\/span> in assets under management today, joined OTCQX on <span class=\"xn-chron\">May 5, 2015<\/span>, and had under <span class=\"xn-money\">$1 million<\/span> in trading volume in its first three days on the market.<\/p>\n<p>&#8220;We are thrilled to see the market&#8217;s reception of BITW as the first publicly traded crypto index fund,&#8221; said Bitwise cofounder and CEO <span class=\"xn-person\">Hunter Horsley<\/span>. &#8220;As more and more financial advisors and investment professionals look to establish an allocation to crypto in their portfolios, a professionally managed index fund is a familiar and important tool.&#8221;<\/p>\n<p>BITW ended last week as the fourth most highly traded security on OTCQX Friday, behind GBTC, Roche Pharmaceuticals and Air Canada.<\/p>\n<p>&#8220;We are pleased that a market developed so quickly in BITW last week, with multiple market makers and a wide variety of participants involved,&#8221; said Bitwise COO <span class=\"xn-person\">Teddy Fusaro<\/span>. &#8220;All investors should carefully consider the risks associated with the Fund, including the fact that we anticipate BITW shares will trade at either significant premiums to or significant discounts to their underlying value. We encourage individuals to talk to their financial advisor prior to making any investment decision.&#8221;<\/p>\n<p>The Bitwise 10 Crypto Index Fund had over <span class=\"xn-money\">$135 million<\/span> in assets under management as of <span class=\"xn-chron\">December 13, 2020<\/span>. The fund tracks an index of the 10 largest cryptocurrencies, screened for certain risks and weighted by market capitalization. The index and the fund are rebalanced on a monthly basis. As of <span class=\"xn-chron\">Nov. 30, 2020<\/span>, the fund held approximately 75% Bitcoin and 13% Ethereum, with the remaining 12% allocated across XRP, Litecoin, Chainlink, Tezos, and other cryptocurrencies.<\/p>\n<p>\n        <b>Data Sources <\/b>\n      <\/p>\n<p>Data on\u00a0ETHE and market activity of other securities on OTCQX is sourced from OTCIQ, a market intelligence and data portal for OTC Markets. GBTC data was sourced from Nasdaq. The inception date for trading on OTCQX is sourced from OTC Markets Group Inc. The most active securities on OTCQX can be found at <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011637-1&amp;h=2396574247&amp;u=http%3A%2F%2Fwww.otcmarkets.com%2Fmarket-activity%2Fcurrent-market%2FQX&amp;a=www.otcmarkets.com%2Fmarket-activity%2Fcurrent-market%2FQX\" rel=\"nofollow noopener noreferrer\">www.otcmarkets.com\/market-activity\/current-market\/QX<\/a><\/u>.<\/p>\n<p>\n        <b>About Bitwise Asset Management <\/b>\n      <\/p>\n<p>Bitwise Asset Management is a leading provider of index and beta crypto funds. Based in <span class=\"xn-location\">San Francisco<\/span>, Bitwise&#8217;s team combines expertise in technology with decades of experience in traditional asset management and indexing\u2014coming from firms including Facebook, Google, Wealthfront, BlackRock, Fidelity, Deutsche Bank, IndexIQ, and ETF.com. Bitwise is backed by leading institutional investors and asset management executives, and is a frequent commentator on crypto in the press. It has been profiled in Institutional Investor, CNBC, Barron&#8217;s, Bloomberg, The Wall Street Journal, The <span class=\"xn-org\">New York Times<\/span>, and many other leading publications. The firm is a trusted partner to financial advisors, RIAs, multifamily offices, hedge funds, and other professional investors as they navigate the crypto space. For more information, visit: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011637-1&amp;h=2856302311&amp;u=http%3A%2F%2Fwww.bitwiseinvestments.com%2F&amp;a=www.bitwiseinvestments.com\" rel=\"nofollow noopener noreferrer\">www.bitwiseinvestments.com<\/a>.<\/p>\n<p>\n        <b>Disclosure<\/b>\n      <\/p>\n<p>Forward-Looking Statements: This communication includes forward-looking statements. All statements other than statements of historical information provided herein are forward-looking and may contain information about known uncertainties. Some of these forward-looking statements can be identified by the use of forward-looking terminology such as &#8220;believes,&#8221; &#8220;should,&#8221; &#8220;expects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;approximately,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;estimates,&#8221; and &#8220;anticipates&#8221; and the negative thereof and other variations thereof and comparable terminology, and by discussions of strategy, plans, intentions, and unrealized investment results. These statements involve risks, uncertainties, assumptions, and other factors that may cause actual results or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this communication, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. We caution the reader that actual results could differ materially from those expected, depending on the outcome of certain factors, including, without limitation, regulatory developments. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date hereof. Past performance is not a guarantee of future results.<\/p>\n<p>This press release is neither an offer to sell nor a solicitation for an offer to buy Interests in any Fund. Any such offer or solicitation will be made solely through definitive offering documents, identified as such, which will contain information about each fund&#8217;s investment objectives and terms and conditions of an investment, and may also describe risks and tax information related to an investment therein, and which qualifies in its entirety the information set forth in this Presentation. Prospective investors must not construe the contents of this document as legal, tax, investment, or other advice. Each prospective investor is urged to consult with its own advisers with respect to legal, tax, regulatory, financial, accounting and similar consequences of investing in any Fund. The Units and the Shares (the &#8220;Interests&#8221;) of the Funds have not been registered under the Securities Act of 1933 (&#8220;the Securities Act&#8221;), the securities laws of any state, or the securities laws of any other jurisdiction, nor is such registration contemplated. The Interests will be and have been offered and sold under the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the offering will be made. The offer and sale of the Interests have not been registered with or approved or disapproved by the Securities and Exchange Commission (the &#8220;SEC&#8221;) or the securities commission or regulatory authority of any state or foreign jurisdiction. The Funds mentioned herein are not registered as investment companies under the Investment Company Act of 1940, as amended, and Bitwise believes that such registration is not required.<\/p>\n<p>The Shares of Funds that are publicly quoted on the OTCQX Best Market are Shares that have become &#8220;unrestricted&#8221; under Rule 144 of the Securities Act one year and a day subsequent to the date that the Shares were originally issued (although Shares held by affiliates and insiders will be subject to additional restrictions on resales, including restrictions on the number of Shares that may be resold within any three-month period). Shares that have become unrestricted may be quoted on the OTCQX Best Market and may be purchased and sold throughout the trading day through any brokerage account with access to such markets.<\/p>\n<p>No Advice on Investment; Risk of Loss: Prior to making any investment decision in respect of any Fund or Shares of any Fund, each investor must undertake its own independent examination and investigation of the Fund, including the merits and risks involved in an investment in the Fund or Shares, and must base its investment decision\u2014including a determination whether Shares would be a suitable investment for the investor\u2014on such examination and investigation, and must not rely on Bitwise or the Funds in making such investment decision. Prospective investors must not construe the contents of this website as legal, tax, investment, or other advice. Each prospective investor is urged to consult with its own advisors with respect to legal, tax, regulatory, financial, accounting, and similar consequences of investing in any Fund, the suitability of the investment for such investor, and other relevant matters concerning an investment in the Fund. This document contains an overview summary of the terms of the Fund. The summary set forth on this document does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents relating to each Fund and\/or in each case, if available in addition, the Fund&#8217;s Annual Report or Information Statement and Quarterly Reports, which can be found on <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3011637-1&amp;h=730060641&amp;u=http%3A%2F%2Fwww.otcmarkets.com%2F&amp;a=www.otcmarkets.com\" rel=\"nofollow noopener noreferrer\">www.otcmarkets.com<\/a><\/u>\u00a0for the Bitwise 10 Crypto Index Fund (Symbol: BITW). Do not place undue reliance on this document.<\/p>\n<p>Information May Change and Be Inaccurate, Incomplete, or Outdated: The information in this document is for discussion purposes only, and no representations or warranties are given or implied. All of the information presented herein is subject to change without notice.<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF22627&amp;sd=2020-12-14\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut-301191853.html\">http:\/\/www.prnewswire.com\/news-releases\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut-301191853.html<\/a><\/p>\n<p>SOURCE  Bitwise Asset Management<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF22627&amp;Transmission_Id=202012140800PR_NEWS_USPR_____SF22627&amp;DateId=20201214\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BITW shares traded more than $67 million in their first three days on OTCQX Best Market\u00ae, becoming the most highly traded crypto fund launch in history. PR Newswire SAN FRANCISCO, Dec. 14, 2020 \/PRNewswire\/ &#8212;\u00a0Bitwise Asset Management, a leading crypto fund manager, announced that the Bitwise 10 Crypto Index Fund (ticker: BITW) saw record initial trading volumes of its shares in the secondary market following its debut on OTCQX Best Market\u00ae on Wednesday, December 9. More than $67 million of shares traded in the first three days, making it the highest volume debut of a publicly-traded crypto fund in U.S. history. The prior record holder, the Grayscale Ethereum Trust, saw just over $9M in trading volume during the first three &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-398923","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BITW shares traded more than $67 million in their first three days on OTCQX Best Market\u00ae, becoming the most highly traded crypto fund launch in history. PR Newswire SAN FRANCISCO, Dec. 14, 2020 \/PRNewswire\/ &#8212;\u00a0Bitwise Asset Management, a leading crypto fund manager, announced that the Bitwise 10 Crypto Index Fund (ticker: BITW) saw record initial trading volumes of its shares in the secondary market following its debut on OTCQX Best Market\u00ae on Wednesday, December 9. More than $67 million of shares traded in the first three days, making it the highest volume debut of a publicly-traded crypto fund in U.S. history. The prior record holder, the Grayscale Ethereum Trust, saw just over $9M in trading volume during the first three &hellip; Continue reading &quot;Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-14T13:03:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF22627&amp;sd=2020-12-14\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut\",\"datePublished\":\"2020-12-14T13:03:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\\\/\"},\"wordCount\":1458,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=SF22627&amp;sd=2020-12-14\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\\\/\",\"name\":\"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/","og_locale":"en_US","og_type":"article","og_title":"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut - Market Newsdesk","og_description":"BITW shares traded more than $67 million in their first three days on OTCQX Best Market\u00ae, becoming the most highly traded crypto fund launch in history. PR Newswire SAN FRANCISCO, Dec. 14, 2020 \/PRNewswire\/ &#8212;\u00a0Bitwise Asset Management, a leading crypto fund manager, announced that the Bitwise 10 Crypto Index Fund (ticker: BITW) saw record initial trading volumes of its shares in the secondary market following its debut on OTCQX Best Market\u00ae on Wednesday, December 9. More than $67 million of shares traded in the first three days, making it the highest volume debut of a publicly-traded crypto fund in U.S. history. The prior record holder, the Grayscale Ethereum Trust, saw just over $9M in trading volume during the first three &hellip; Continue reading \"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-14T13:03:52+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF22627&amp;sd=2020-12-14","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut","datePublished":"2020-12-14T13:03:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/"},"wordCount":1458,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF22627&amp;sd=2020-12-14","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/bitwise-10-crypto-index-fund-ticker-bitw-sees-record-trading-volume-in-debut\/","name":"Bitwise 10 Crypto Index Fund (Ticker: BITW) Sees Record Trading Volume In Debut - 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