Bitwise Bitcoin ETF approved investment option for $30 billion advisor network News ▸ US ▸ Bitcoin ▸ Investments
Bitwise Bitcoin ETF approved investment option for $30 billion advisor network
Bitwise Bitcoin ETF has rapidly grown since its launch in January.
1 min read
Updated: Feb. 20, 2024 at 10:12 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitwise Bitcoin ETF Trust (BITB) was recently approved as an investment option for a $30 billion network of Registered Investment Advisors (RIAs).
Bitwise CEO Hunter Horsley revealed this development via social media platform X (formerly Twitter) on Feb. 19, noting that advisors within the network are now authorized to allocate funds with BITB, typically ranging from 1% to 5%.
“BITB was selected and approved for full access to advisors at a $30 billion nation-wide RIA on Friday, one of the largest in the country,” Horsley said.
While Horsley expressed enthusiasm for guiding these advisors into crypto, the specific RIA network remains undisclosed.
Since its launch, BITB has rapidly gained traction, becoming one of the fastest ETFs in history to surpass the $1 billion mark. Notably, the fund has garnered substantial Bitcoin contributions and commendation from the crypto community, particularly for its transparent disclosure of on-chain addresses.
Among the recently launched spot Bitcoin ETFs, Bitwise’s offering holds a prominent position, trailing behind BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Trust (FBTC), and Ark and 21 Shares ETF, according to HeyApollo data.
What does this mean for the industry?
The endorsement of the Bitwise Bitcoin ETF by RIAs reflects the growing acceptance of cryptocurrencies among institutional investors. As trusted advisors recommend such investment vehicles, the credibility and mainstream recognition of Bitcoin will continue to grow.
CryptoSlate Insight identified an uptick in institutional investors’ interest in the rapidly expanding Bitcoin ETFs sector.
Tyrone V. Ross, president and founder of 401 Financial, an RIA firm, hailed the move as reflective of market demand, emphasizing the gradual but significant approvals from RIA aggregators and acquirers.
RIAs, whether individuals or firms, offer financial advice and manage investment portfolios, collectively overseeing approximately $115 trillion in assets for around 62 million clients, as per the Investment Adviser Industry Snapshot of 2023.
Mentioned in this article
Bitcoin 
Bitwise 
BlackRock 
Fidelity Investments 
Ark Invest 
Bitwise Bitcoin ETF iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 
ARK 21Shares Bitcoin ETF 
Hunter Horsley Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
The Bitwise Bitcoin ETF (BITB) is a newly launched exchange-traded fund that provides investors with exposure to Bitcoin.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).
Hunter Horsley, the Co-founder and CEO of Bitwise Asset Management, brings a wealth of experience from his tenure as a Facebook product manager.