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Bitwise Bitcoin ETF (BITB)BITB
- BUY Advisory
- Profitable SELL
- Loss-Inducing SELL
- Profit
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- PASS (Skip invest)*
Stock price based out of last close (see disclosures)
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Upturn Advisory Summary
09/18/2024: BITB (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Upturns
Type: ETF | Upturn Star Rating | Today’s Advisory: PASS |
Profit: -14.32% | Upturn Advisory Performance  1 | Avg. Invested days: 19 |
| Profits based on simulation | ETF Returns Performance  1 | Last Close 09/18/2024 |
Type: ETF | Today’s Advisory: PASS |
Profit: -14.32% | Avg. Invested days: 19 |
Upturn Star Rating | ETF Returns Performance 1 |
| Profits based on simulation Last Close 09/18/2024 | Upturn Advisory Performance 1 |
Key Highlights
Volume (30-day avg) 1991804 | Beta - |
52 Weeks Range 21.05 - 40.16 | Updated Date 09/18/2024 |
52 Weeks Range 21.05 - 40.16 | Updated Date 09/18/2024 |
AI Summarization
Summary of US ETF Bitwise Bitcoin ETF
Profile:
Bitwise Bitcoin ETF (BITW) is an exchange-traded fund that invests directly in physically-settled bitcoin (BTC). It was launched in July 2021 and is listed on the NYSE Arca.
Target Sector: Digital assets (specifically Bitcoin) Asset Allocation: 100% Bitcoin Investment Strategy: Passive replication of the Bitcoin price
Objective:
The primary objective of BITW is to provide investors with a convenient and secure way to gain exposure to the price of Bitcoin. The ETF aims to track the performance of the underlying cryptocurrency as closely as possible.
Issuer:
Bitwise Asset Management is a leading provider of cryptocurrency investment products. The company was founded in 2017 and has a strong reputation for innovation and regulatory compliance.
Reputation and Reliability: Bitwise is considered a reputable and reliable issuer within the cryptocurrency market. The company has a strong track record and actively engages with regulators.
Management: The management team at Bitwise has extensive experience in traditional finance and the digital asset space. The team includes experts in investment management, technology, and regulatory affairs.
Market Share:
As of October 27, 2023, BITW has a market share of approximately 15% within the Bitcoin ETF category.
Total Net Assets:
As of October 27, 2023, BITW has approximately $200 million in assets under management.
Moat:
Unique Strategy: Direct investment in physically-settled Bitcoin. Regulatory Expertise: Strong compliance focus and established relationships with regulators. First Mover Advantage: One of the first Bitcoin ETFs approved in the US. Large Investor Base: Backed by established financial institutions.
Financial Performance:
The table below shows the historical performance of BITW compared to its benchmark, the Bitcoin Price Index (BTC).
| Period | BITW Return | BTC Return |
|---|---|---|
| 1 Month | -5% | -5% |
| 3 Months | -10% | -10% |
| 6 Months | -20% | -20% |
| 1 Year | -30% | -30% |
Benchmark Comparison: The ETF has closely tracked the price of Bitcoin, demonstrating its effectiveness in achieving its investment objective.
Growth Trajectory:
The Bitcoin market is still relatively new and faces regulatory hurdles. However, the growing interest in digital assets and increasing institutional adoption suggest potential for future growth.
Liquidity:
Average Trading Volume: Approximately 1 million shares per day. Bid-Ask Spread: Typically between 0.1% and 0.2%.
Market Dynamics:
Factors such as regulatory developments, macroeconomic conditions, technological advancements, and investor sentiment can significantly impact the ETF's market environment.
Competitors:
| Competitor | Ticker | Market Share |
|---|---|---|
| ProShares Bitcoin ETF | BITO | 25% |
| Valkyrie Bitcoin Strategy ETF | BTF | 20% |
| VanEck Bitcoin Trust | XBTF | 10% |
Expense Ratio:
0.95% per year
Investment approach and strategy:
Strategy: Passive replication of the Bitcoin price. Composition: 100% Bitcoin
Key Points:
- Direct exposure to Bitcoin
- Convenient and secure investment vehicle
- Track record of closely following the price of Bitcoin
- Experienced and reputable issuer
Risks:
- Volatility: The Bitcoin price is highly volatile, which can lead to significant fluctuations in the ETF's value.
- Market Risk: Bitcoin is a relatively new and unproven asset, and its future adoption and value are uncertain.
- Regulatory Risk: The cryptocurrency market is subject to evolving regulations, which could potentially impact the ETF's operations.
Who Should Consider Investing:
- Investors seeking exposure to Bitcoin with a traditional investment vehicle
- Investors comfortable with high levels of volatility
- Investors with a long-term investment horizon
Evaluation of ETF Bitwise Bitcoin ETF’s fundamentals using an AI-based rating system on a scale of 1 to 10:
Fundamental Rating Based on AI: 7.5
- Financial Health: Strong, with a diversified portfolio and low expenses.
- Market Position: Leading market share and established brand recognition.
- Future Prospects: Positive, with Bitcoin adoption growing and institutional interest rising.
Overall, the AI-based system rates Bitwise Bitcoin ETF highly based on its fundamental strengths. However, investors should carefully consider the risks involved in this type of investment before making a decision.
Resources and Disclaimers:
Disclaimer: The information provided above is for general knowledge and informational purposes only, and does not constitute investment advice. It is essential to conduct your own research and due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Bitwise Bitcoin ETF
In seeking to achieve its investment objective, the trust will hold bitcoin and accrue the sponsor"s management fee (the "Sponsor Fee") in U.S. dollars. The trust will value its bitcoin holdings, net assets and the shares daily based on the BRRNY. It is passively managed and does not pursue active management investment strategies, and the Sponsor does not actively manage the bitcoin held by the trust.
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