Bitwise Asset Management has announced plans to convert its three existing cryptocurrency futures ETFs. This conversion is expected to occur on or around December 3, 2024, using Bitwise’s proprietary 'Trendwise Rotation Strategy', which aims to balance risk and returns by alternating between crypto assets and Treasuries based on market conditions.

Introduction to 'Trendwise Rotation Strategy'

The new strategy involves rotating between cryptocurrencies and U.S. Treasuries depending on market conditions. The three ETFs undergoing conversion will also be rebranded to reflect their new dual-exposure strategies. For example, the fund listed under the ticker BITC will be renamed the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF, emphasizing the strategic balancing between Bitcoin and Treasuries.

Filing for a Spot XRP ETF

Bitwise recently filed for a spot XRP ETF. According to the SEC filing, the ETF is intended to track the value of XRP. BNY Mellon will participate in fund management, highlighting Bitwise’s efforts to ensure trust and rigorous oversight. Custody Trust Company, a subsidiary of Coinbase, will be responsible for the custody of ETF assets.

Achievements of Bitwise Investment Funds

Over the past seven months, Bitwise’s Bitcoin ETF has attracted a significant capital inflow of $2 billion. This investment occurred amid a low management fee of 0.20%. Despite Bitwise's success, its achievements and the performance of other crypto investment managers remain overshadowed by BlackRock’s iShares Bitcoin Trust.

These steps highlight Bitwise’s dedication to providing innovative investment solutions in the rapidly evolving crypto space. Future regulatory decisions on crypto-backed ETFs could significantly impact the industry's further development.