Crypto index fund manager Bitwise Asset Management has filed an application to launch another exchange-traded crypto fund.
Investment firm Bitwise’s new bitcoin-based product is called the Bitcoin Strategy Optimum Yield ETF and will trade under the ticker BITC.
Bitwise is not going to own bitcoin directly, but is going to offer managed BTC futures contracts on the Chicago Mercantile Exchange (CME) and investments in short-term debt securities.
BITC’s strategy is designed so that instead of futures contracts automatically moving to the next available contract based on a predetermined schedule, it will move to the one that “demonstrates the highest implied return under current market conditions.”
Recently, Bitwise announced the launch of another crypto exchange traded fund. The BWEB fund included stocks of companies “growing on the success of Web3.”
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