Bitwise Continues SEC Filing Streak with New Bitcoin and Treasuries Rotation Strategy ETF (BITC)

Bitwise, a prominent crypto asset manager overseeing $4.5 billion in assets, has made its second exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC) this week.

The new product, called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC), was registered today through a Form N-1A submission—a required form for management companies. This comes just days after Bitwise submitted an S-1 registration for a spot XRP ETF, which aims to track the price of XRP.

Bitwise has already established a strong foothold in the U.S. ETF market with successful launches of ETFs focused on Bitcoin (BTC) and Ethereum (ETH).

The BITC ETF represents an innovative approach, blending Bitcoin’s growth potential with the relative safety of U.S. Treasuries. The fund will rotate between Bitcoin and Treasuries, aiming to reduce downside risks during periods of Bitcoin price consolidation.

This filing is part of Bitwise’s broader plan to revamp its ETF offerings. According to the company’s press release, three futures-based ETFs will be transformed into trendwise strategy funds, with the changes set to take place on or around December 3, 2024.

The following updates will occur:

BITC: The Bitwise Bitcoin Strategy Optimum Roll ETF will be converted into the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF.

AETH: The Bitwise Ethereum Strategy ETF will become the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF.

BTOP: The Bitwise Bitcoin and Ether Equal Weight Strategy ETF will change to the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF.

This new approach by Bitwise reflects a growing trend in the ETF space, seeking to balance the upside of crypto investments with more conservative financial instruments.