Crypto index fund run by Bitwise files to become SEC reporting company

Apr 23, 2021 | The Block News | 0 comments

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Bitwise Asset Management, the crypto-focused investment firm, has a submitted a filing to the U.S. Securities and Exchange Commission that, if approved, would see its main fund become an SEC reporting company.

The filing for the Bitwise 10 Crypto Index Fund, made public Friday, notes that “[o]nce this Registration Statement is deemed effective, the Trust will be subject to the requirements of Regulation 13A under the Exchange Act, which will require it to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and to comply with all other obligations of the Exchange Act applicable to issuers filing Registration Statements pursuant to Section 12(g) of the Exchange Act.” 

To date, there are only two SEC reporting companies in the crypto space: Grayscale’s Bitcoin Trust and its Ethereum Trust, both of which were approved as such in 2020.

As Bitwise noted in a press release this morning, a nod from SEC would make it “the first index-based crypto investment vehicle to attain the status of a reporting company by the SEC.”

The firm went on to note:

“In addition, if the Registration Statement becomes effective, accredited investors who purchased shares in the Trust’s private placement would have an earlier liquidity opportunity, because the statutory holding period of private placement shares would be reduced from 12 months to six months, under Rule 144 of the Securities Act of 1933, as amended (“the Securities Act”).”

Since the start of the year, Bitwise has moved to establish a fund focused on decentralized finance. And in early February, it filed to create an exchange-traded fund to track “service and transact in the segment of the economy dealing with crypto assets and distributed ledger technology,” as previously reported.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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