Bitwise BTC ETF (BITB) Options Trading Starts Wednesday

 
Ritu Lavania
Written By 
Ritu Lavania
 
Harsh Chauhan
Edited by 
Harsh Chauhan
November 19, 2024

Bitwise CEO Hunter Horsley announced in a post on X that Bitwise’s Bitcoin ETF (BITB) options are expected to begin trading on Wednesday. The trading volume of BITB today is approximately $115 million, with assets under management(AUM) close to $4 billion.

Bitwise’s Proposal

Hunter Hosley wrote, “We expect options on the Bitwise Bitcoin ETF ( $BITB ) to begin trading Wednesday.” As before, investors can view the public address on the ETP’s official website to the Bitcoin holdings and donate 10% of the gross profit to Bitcoin’s open-source developers, according to the CEO.

As per the prospectus available on BITB site, “Bitwise Investment Manager, LLC, an of the Sponsor, is expected to purchase the initial Baskets of Shares for $2,500,000, at a per-share price of $25 for these 100,000 Shares (the “Seed Baskets”). Such proceeds are expected to be used by the Trust to purchase bitcoin at or prior to the listing of Shares on the Exchange.”

The prospectus also shared that Bitwise Investment Manager will serve as a statutory underwriter for the initial purchase of the Seed Baskets. Additionally, Pantera Capital, through its d investment funds, has expressed interest in acquiring up to $200 million worth of Shares in this offering.

The purchases may occur either from Authorized Participants or through the marketplace via broker-dealers. However, since these expressions of interest are not binding agreements, the potential buyers may ultimately choose to purchase more, fewer, or no shares at all, noted the prospectus.

Courtesy: BITB ETF form

Bitwise has also explained in its document, that the offering of the Shares is ed with the U.S. Securities and Exchange Commission (“SEC”) in accordance with the Securities Act of 1933 (the “1933 Act”).

As of November 18, Bitwise Bitcoin ETF (BITB) had a daily inflow of $24.37 Million and a cumulative net inflow of $2.31 billion.


Note: BITB is not suitable for all investors. An investment in BITB is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. BITB is not an investment company ed under the Investment Company Act of 1940 (the “1940 Act”) and is not afforded its protections.

Also Read: US Spot Bitcoin ETF Options to Go Live This Week!

 

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.