ETHW features a management fee of 0.20%, and Bitwise will donate
10% of fund profits to Ethereum developers.
Crypto specialist Bitwise Asset Management announced today that
the Bitwise Ethereum ETF (ticker: ETHW) is scheduled to begin
trading on the New York Stock Exchange on July 23, marking the
historic debut of spot Ethereum funds in the U.S. The fund has a
low-cost management fee of 0.20%, with the fee set to 0% for the
first six months on the first $500 million in assets.1 ETHW will
invest directly in ether (ETH), the world’s second-largest crypto
asset by market capitalization2 and the driving force behind the
popular Ethereum blockchain.
ETHW is set to begin trading just over six months after the
launch of the Bitwise Bitcoin ETF (BITB), which became one of the
fastest-growing ETPs in history on its way to $2.7 billion in
assets under management today. ETHW will be Bitwise’s eighth
publicly traded crypto fund and the latest addition to an extensive
suite of 20 crypto products.
Investors should note that, unlike many other exchange-traded
products, ETHW and BITB are not registered under the Investment
Company Act of 1940 and are not subject to its regulations.
With the approval of spot Ethereum ETPs, investors will have the
opportunity to diversify their crypto exposure through an asset
that is fueling some of the most influential use cases in crypto
today: stablecoins, non-fungible tokens (NFTs), decentralized
finance (DeFi), and tokenization.3
“Moves Us to the Second Inning”
“Bitcoin ETPs started a new ballgame for crypto; the launch of
spot ether ETPs moves us to the second inning,” said Bitwise CIO
Matt Hougan. “Making bitcoin available in an exchange-traded format
brought more than $17 billion of new investment into crypto in a
matter of months. We think this launch will extend that run with
billions more and drive ETH to new all-time highs in 2024.”
Hougan added that the availability of ether ETPs could prompt
many investment professionals and institutions to diversify their
crypto exposure.
“Bitcoin and ETH have different strengths, different use cases,
and different fundamental drivers, so investors are apt to have
them assume different roles in a portfolio. Whereas bitcoin is a
monetary asset with a role similar to alternatives, ETH plays more
like a high-growth tech stock. By powering crypto’s ‘killer apps’
like DeFi, NFTs, and stablecoins, ETH provides exposure to the most
disruptive capabilities of blockchains. We’re excited to offer ETHW
as a way for investors to gain greater access to crypto’s
potential.”
Ethereum has become the foundation for some of the most popular
applications of crypto today. In recent years, many of the world’s
top global brands, including Nike, Starbucks, Tiffany & Co.,
and JPMorgan, have built projects on Ethereum.4 The blockchain has
also become the primary platform for stablecoins and DeFi, whose
markets today are around $150 billion each.5 Growing awareness of
Ethereum’s potential has driven ETH, the asset that powers it, to a
market cap of more than $400 billion—second only to bitcoin among
digital assets.6
Donating 10% of Profits to Ethereum Open-Source Developers;
Public Disclosure of Wallet Addresses
In conjunction with the fund’s launch, Bitwise announced that
10% of all ETHW profits will be donated to two organizations:
Protocol Guild, a grassroots funding organization that supports
more than 170 core contributors to Ethereum Layer 1 protocol
research and development, and PBS Foundation, a non-profit that
funds open-source Ethereum block relays and surrounding research.
“Ethereum, as an open-source technology, is maintained by a
dedicated community of open-source developers,” said Hong Kim,
Bitwise’s Chief Technology Officer. “Every investor in ETHW wants
Ethereum to continue to advance, and this donation program
contributes to that goal.”
In addition, in an effort to foster transparency Bitwise will
publish the Ethereum addresses of all ETHW holdings, giving any
investor the ability to verify the fund’s holdings and flows
directly on the blockchain.
Watershed Moment for Access
“Bitwise was founded in 2017 to help investors participate in
crypto’s groundbreaking potential,” said Bitwise CEO Hunter
Horsley. “This year’s launch of Bitcoin and Ethereum ETPs is a
monumental step forward for investors looking to access the space.
Now with ETHW, millions of Americans can gain exposure to Ethereum
through their financial advisor or the traditional brokerage and
retirement accounts they rely on for their investing
activities.”
Fund Details
The fund, which will trade on the NYSE, leverages experienced
service providers, including Coinbase Custody Trust Company as
digital asset custodian, Bank of New York Mellon as administrator,
and KPMG as auditor. It is the twentieth Bitwise product in a suite
that features seven other publicly traded funds—including the
world’s largest crypto index fund—along with separately managed
accounts, private placement vehicles, and multi-strategy
solutions.
With its nationwide distribution team and industry-leading
research, Bitwise focuses on helping investors understand and
access the opportunities in crypto. In addition to its expansive
product suite, Bitwise offers a wide range of insights, including
the Weekly CIO Memo, topical white papers, interactive tools, and
other key resources—including an Ethereum library—available in the
Bitwise Expert Portal.
ETHW and BITB are not suitable for all investors. An
investment in ETHW or 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.
To view the Fund's prospectus, click here.
To learn more about ETHW, visit
ethwetf.com.
Risks and Important Information
This material must be preceded or accompanied by a
prospectus. Please read the prospectus carefully before investing.
To obtain a current prospectus visit
ETHWetf.com/prospectus.
The Bitwise Ethereum ETF ("ETHW" or the "Fund") is not
suitable for all investors. An investment in ETHW is subject to a
high degree of risk, has the potential for significant volatility,
and could result in significant or complete loss of
investment.
ETHW is not an investment company registered under the
Investment Company Act of 1940 (the “1940 Act”) and is not afforded
its protections.
Shares of ETPs are bought and sold at market price (not NAV) and
are not individually redeemed from the Fund. Brokerage commissions
will reduce returns. The NAV may not always correspond to the
market price of ether and, as a result, Creation Units may be
created or redeemed at a value that is different from the market
price of the Shares. Authorized Participants’ buying and selling
activity associated with the creation and redemption of Creation
Units may adversely affect an investment in the Shares.
ETHW will not participate in the proof-of-stake validation
mechanism to earn additional ether or seek other means of
generating income from its ether holdings.
The amount of ether represented by a Share will continue to be
reduced during the life of the Fund due to the transfer of the
Fund’s ether to pay for the Sponsor’s management fee, and to pay
for litigation expenses or other extraordinary expenses. This
dynamic will occur irrespective of whether the trading price of the
Shares rises or falls in response to changes in the price of
ether.
There is no guarantee or assurance that the Fund’s methodology
will result in the Fund achieving positive investment returns or
outperforming other investment products.
Investors may choose to use the Fund as a means of investing
indirectly in ether. An investment in the Fund is not a direct
investment in ether. Because the value of the Shares is
correlated with the value of the ether held by the Fund, it is
important to understand the investment attributes of, and the
market for, ether.
Ether Risk. There are significant risks and hazards inherent in
the ether market that may cause the price of ether to fluctuate
widely. The Fund’s ether may be subject to loss, damage, theft or
restriction on access. Investors considering a purchase of Shares
should carefully consider how much of their total assets should be
exposed to the ether market, and should fully understand, be
willing to assume, and have the financial resources necessary to
withstand the risks involved in the Fund’s investment strategy.
Liquidity Risk. The market for ether is still developing and may
be subject to periods of illiquidity. During such times it may be
difficult or impossible to buy or sell a position at the desired
price. Possible illiquid markets may exacerbate losses or increase
the variability between the Fund’s NAV and its market price. The
lack of active trading markets for the Shares may result in losses
on investors’ investments at the time of disposition of Shares.
Regulatory Risk. Future and current regulations by a U.S. or
foreign government or quasi-governmental agency could have an
adverse effect on an investment in the Fund.
Blockchain Technology Risk. Certain of the Fund’s investments
may be subject to the risks associated with investing in blockchain
technology. The risks associated with blockchain technology may not
fully emerge until the technology is widely used. Blockchain
systems could be vulnerable to fraud, particularly if a significant
minority of participants colluded to defraud the rest. Because
blockchain technology systems may operate across many national
boundaries and regulatory jurisdictions, it is possible that
blockchain technology may be subject to widespread and inconsistent
regulation.
Nondiversification Risk. The Fund is nondiversified and will
hold a single issue. As a result, a decline in the market value of
a particular issue held by the Fund may affect the Fund’s value
more than if it invested in a larger number of issuers.
Recency Risk. The Fund is recently organized, giving prospective
investors a limited track record on which to base their investment
decision. If the Fund is not profitable, the Fund may terminate and
liquidate at a time that is disadvantageous to Shareholders.
Bitwise Investment Advisers, LLC serves as the sponsor of the
Fund. Foreside Fund Services, LLC serves as the Marketing Agent for
ETHW, and is not affiliated with Bitwise Investment Advisers, LLC,
Bitwise, or any of its affiliates.
BITB Risks and Important Information
This material must be preceded or accompanied by a
prospectus. Please read the prospectus carefully before investing.
To obtain a current prospectus visit
BITBetf.com/prospectus.
The Bitwise Bitcoin ETF ("BITB" or the "Fund") 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 registered under the
Investment Company Act of 1940 (the “1940 Act”) and is not afforded
its protections.
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. The NAV may not always correspond to the
market price of bitcoin and, as a result, Creation Units may be
created or redeemed at a value that is different from the market
price of the Shares. Authorized Participants’ buying and selling
activity associated with the creation and redemption of Creation
Units may adversely affect an investment in the Shares.
The amount of bitcoin represented by a Share will continue to be
reduced during the life of the Fund due to the transfer of the
Fund’s bitcoin to pay for the Sponsor’s management fee, and to pay
for litigation expenses or other extraordinary expenses. This
dynamic will occur irrespective of whether the trading price of the
Shares rises or falls in response to changes in the price of
bitcoin.
There is no guarantee or assurance that the Fund’s methodology
will result in the Fund achieving positive investment returns or
outperforming other investment products.
Investors may choose to use the Fund as a means of investing
indirectly in bitcoin. Because the value of the Shares is
correlated with the value of the bitcoin held by the Fund, it is
important to understand the investment attributes of, and the
market for, bitcoin.
Bitcoin Risk. There are significant risks and hazards inherent
in the bitcoin market that may cause the price of bitcoin to
fluctuate widely. The Fund’s bitcoin may be subject to loss,
damage, theft or restriction on access. Investors considering a
purchase of Shares should carefully consider how much of their
total assets should be exposed to the bitcoin market, and should
fully understand, be willing to assume, and have the financial
resources necessary to withstand the risks involved in the Fund’s
investment strategy.
Liquidity Risk. The market for bitcoin is still developing and
may be subject to periods of illiquidity. During such times it may
be difficult or impossible to buy or sell a position at the desired
price. Possible illiquid markets may exacerbate losses or increase
the variability between the Fund’s NAV and its market price. The
lack of active trading markets for the Shares may result in losses
on investors’ investments at the time of disposition of Shares.
Regulatory Risk. Future and current regulations by a U.S. or
foreign government or quasi-governmental agency could have an
adverse effect on an investment in the Fund.
Blockchain Technology Risk. Certain of the Fund’s investments
may be subject to the risks associated with investing in blockchain
technology. The risks associated with blockchain technology may not
fully emerge until the technology is widely used. Blockchain
systems could be vulnerable to fraud, particularly if a significant
minority of participants colluded to defraud the rest. Because
blockchain technology systems may operate across many national
boundaries and regulatory jurisdictions, it is possible that
blockchain technology may be subject to widespread and inconsistent
regulation.
Nondiversification Risk. The Fund is nondiversified and may hold
a smaller number of portfolio securities than many other products.
To the extent the Fund invests in a relatively small number of
issuers, a decline in the market value of a particular security
held by the Fund may affect its value more than if it invested in a
larger number of issuers.
Recency Risk. The Fund is recently organized, giving prospective
investors a limited track record on which to base their investment
decision. If the Fund is not profitable, the Fund may terminate and
liquidate at a time that is disadvantageous to Shareholders.
Bitwise Investment Advisers, LLC serves as the sponsor of the
Fund. Foreside Fund Services, LLC serves as the Marketing Agent for
BITB, and is not affiliated with Bitwise Investment Advisers, LLC,
Bitwise, or any of its affiliates.
___________
1 Until January 22, 2025, the Sponsor has waived its fee on the
first $500 million in assets. Other fees such as brokerage and
commission expenses may apply. 2 Source: CoinMarketCap as of June
30, 2024. 3 Diversification does not guarantee a profit or protect
against loss. 4 ETHW does not invest in Nike, Starbucks, Tiffany
& Co., or JPMorgan. 5 Source: The Block, DeFi Llama, and Coin
Metrics as of June 30, 2024. DeFi market size refers to total value
locked (TVL) on decentralized finance applications. 6 Source:
CoinMarketMap as of June 30, 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240722523467/en/
Media Contact Frank Taylor/Stephanie Dressler Dukas Linden
Public Relations Bitwise@DLPR.com
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