The first crypto industry ETF in the U.S., BITQ provides equity
exposure to the bitcoin and digital asset sector through leading
“pure-play” crypto companies.
Bitwise Asset Management, one of the world’s leading crypto
asset managers, announced today that the Bitwise Crypto Industry
Innovators ETF (NYSE: BITQ) recently surpassed $100 million in
assets under management. The milestone comes amid what many
consider a turning point for the crypto sector, which has seen
positive industry developments, strong market performance, and
growing investor interest throughout 2023. As of June 30, bitcoin
had risen more than 83% year-to-date,1 while BITQ was up more than
135% over the same period.2
Since the fund’s inception in 2021, investors have utilized BITQ
for its potential impact on portfolio diversification and as a way
to access an emerging growth sector through a traditional equity
ETF vehicle.
“We’re proud that investment professionals continue to trust
BITQ to get exposure to the bitcoin and digital asset economy
through a carefully designed, traditional equity ETF,” said Mick
McLaughlin, Chief Distribution Officer at Bitwise Asset Management.
“We’re grateful to our clients for this milestone and for the
privilege of being their partner.”
The first crypto industry ETF, BITQ seeks to track an index
designed by Bitwise that consists of leading companies driving the
fast-growing crypto economy. At each rebalancing, at least 85% of
BITQ’s holdings are “pure-play” firms, which derive more than
three-quarters of their revenue from crypto-related businesses,
while up to 15% of holdings are reserved for more diversified
companies making meaningful investments in the space.
Founded in 2017, Bitwise manages a broad suite of 18
professional investment solutions, including ETFs, publicly traded
trusts, SMA strategies, multi-strategy solutions, and private
funds. The firm is known for its nationwide distribution team of
crypto specialists, five-year track record, and industry-leading
research, including its quarterly reports, white papers, and weekly
CIO memo. Today, over 1,800 wealth teams, RIAs, family offices, and
institutional investors leverage Bitwise to understand and access
crypto markets strategically.
Bitwise developed the Bitwise Crypto Innovators 30 Index on
which BITQ is based with input from Morningstar-owned Moorgate
Benchmarks, a London-based index calculation and benchmark
administration firm known for its expertise in the index space.
Exchange Traded Concepts, an ETF platform provider, serves as the
investment adviser to the BITQ fund, and SEI Investments
Distribution Co., a provider of technology and investment solutions
for the financial services industry, is the fund’s distributor.
About Bitwise Asset Management
Based in San Francisco, Bitwise is one of the largest and
fastest-growing crypto asset managers, offering both index and
active strategies across a wide array of investment vehicles. The
firm is known for creating the world’s largest crypto index fund
(OTCQX: BITW), a suite of crypto-focused equity and futures ETFs,
and investment products that span Bitcoin, Ethereum, DeFi, NFTs,
and the Metaverse. Bitwise focuses on partnering with financial
advisors and investment professionals to provide quality education
and research. The team at Bitwise combines expertise in technology
with decades of experience in traditional asset management and
indexing, coming from firms including BlackRock, Blackstone, Meta,
and Google, as well as the U.S. Attorney’s Office. Bitwise is
backed by leading institutional investors and asset management
executives, and has been profiled in Institutional Investor, CNBC,
Barron’s, Bloomberg, and The Wall Street Journal.
RISK DISCLOSURE AND IMPORTANT INFORMATION
Carefully consider the fund’s investment objectives, risk
factors, charges, and expenses before investing. This and
additional information can be found in the Fund’s full or summary
prospectus, which may be obtained by visiting
www.BITQETF.com. Investors should read it carefully
before investing.
Investing involves risk, including the possible loss of
principal. There is no guarantee or assurance that the methodology
used to create the Index will result in the Fund achieving positive
investment returns or outperforming other investment products.
Indices are unmanaged and do not include the effect of fees. One
cannot invest directly in an index.
The Fund is non-diversified and will not invest in crypto assets
directly or through the use of derivatives and also will not invest
in initial coin offerings. The Fund may, however, have indirect
exposure to crypto assets by virtue of its investments in Crypto
Industry Innovators that use one or more crypto assets as part of
their business activities or that hold crypto assets as proprietary
investments. Diversification does not ensure a profit or guarantee
against a loss.
In addition to the normal risks associated with investing,
international investments may involve risk of capital loss from
unfavorable fluctuation in currency values, from differences in
generally accepted accounting principles or from social, economic
or political instability in other nations. Emerging markets involve
heightened risks related to the same factors as well as increased
volatility and lower trading volume. Narrowly focused investments
and investments in small companies typically exhibit higher
volatility.
Investors in the Fund should be willing to accept a high degree
of volatility in the price of the Fund’s shares and the possibility
of significant losses. An investment in the fund involves a
substantial degree of risk.
Certain of the Fund’s investments may be subject to the risks
associated with investing in crypto assets, including
cryptocurrencies and crypto tokens. Because crypto assets are a new
technological innovation with a limited history, they are highly
speculative asset. Future regulatory actions or policies may limit
actions that can be taken with regard to crypto assets. The price
of a crypto asset may be impacted by the transactions of a small
number of holders of such crypto asset. Crypto assets may decline
in popularity, acceptance or use, which may impact their price.
The technology relating to crypto assets and blockchain is new
and developing. Currently, there are a limited number of publicly
listed or quoted companies for which crypto asset and blockchain
technology represents an attributable and significant revenue
stream.
Shares of ETFs are bought and sold at market price (not NAV) and
are not individually redeemed from the Fund. Brokerage commissions
will reduce returns.
Exchange Traded Concepts, LLC serves as the investment advisor
of the fund. The Fund is distributed by SEI Investments
Distribution Co. (SIDCO), which is not affiliated with Exchange
Traded Concepts, LLC or any of its affiliates.
1 Source: Bitwise Asset Management
2 As of June 30, BITQ’s three-month return was 37.50%, its
one-year return was 44.68%, and its annualized return since
inception was -40.08%. The performance quoted represents past
performance and does not guarantee future results. Investment
return and principal value of an investment will fluctuate so that
an investor’s shares, when sold or redeemed, may be worth more or
less than the original cost. Current performance may be lower or
higher than the performance quoted. Performance data current to the
most recent month-end may be obtained by calling 1-833-365-BITQ
(2487). Please see additional important disclosures below.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230713868885/en/
Frank Taylor / Ryan Dicovitsky, Dukas Linden Public Relations,
Bitwise@DLPR.com
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