Bit-by-bit asset management, a leading crypto asset manager, has announced that its Crypto Industry Innovators ETF (NYSE: BITQ) recently surpassed $100 million in assets under management. This milestone comes amid an inflection point for the cryptocurrency sector, which has seen positive industry developments, strong market performance, and growing investor interest throughout 2023.

As of June 30, bitcoin is up more than 83% year to date, while BITQ is up more than 135% over the same period. Since the fund’s inception in 2021, investors have used BITQ for its potential impact on portfolio diversification and as a way to access an emerging growth sector through a traditional equity ETF vehicle.

The BITQ ETF seeks to track a Bitwise-designed index consisting of leading companies powering the fast-growing crypto-economy. At each rebalancing, at least 85% of BITQ’s holdings are “pure-play” companies, which derive more than three-quarters of their revenue from cryptocurrency-related businesses, while up to 15% of holdings are reserved for more diversified companies doing significant business. investments in space.

Bitwise has also been in the news recently for refiling a Bitcoin ETF application with the SEC, which was officially recognized by the regulatory body. bit by bit He first applied for a spot Bitcoin ETF in October 2021, but amended and reapplied on June 28 of this year. This move followed a series of institutional applications, prompted by BlackRock’s June 15 spot Bitcoin ETF application.

Bitwise’s chief investment officer, Matthew Hougan, stressed the importance of BlackRock’s move, stating: “You have to listen when Blackrock comes to market, because they are the largest ETF issuer in the world, they are very careful and they are connected.”

Founded in 2017, Bitwise manages a broad set of 18 professional investment solutions, including ETFs, Exchange Traded Trusts, SMA strategies, multi-strategy solutions, and private funds. Today, more than 1,800 wealth teams, RIAs, family offices, and institutional investors leverage Bitwise to strategically understand and access crypto markets.