$4.5 billion crypto asset manager Bitwise is 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) earlier today.
A Form N-1A is a required registration form for management companies.
This is 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 tracking the price movements of XRP, according to a report.
Bitwise has already successfully launched ETFs in the United States for Bitcoin (BTC) and Ethereum (ETH).
According to today’s filing, BITC will be a novel type of ETF product aiming 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.
Per a press release from Bitwise, the filing is part of a larger movement to convert three futures-based ETFs into trendwise strategy investment vehicles.
“The conversion is expected to take place 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”
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