404

The page you have chosen
cannot be displayed

You will be redirected to the homepage automatically

Click here to open the webpage if the redirect does not start automatically.

Possible reasons might be:

You have used a bookmark. Structure of the website has changed. Surely you can find the information you are looking for somewhere on our website.

You entered the address manually on the address line of your browser. You may have made a typing error or the address may no longer be valid.

The contents and design of this page are currently being worked on. Please try again in a few minutes.

You clicked on a link somewhere on our website. The link is probably incorrect. If you send a brief e-mail to our web team, we will rectify the problem as rapidly as possible. Make sure you indicate the address of the page the link is on. Thank you.

You were referred to this page by a link on another website. The page does not exist. You may want to point this out to the operator of the other website. You will doubtless find other interesting topics on our website by going to the homepage.

If you have any questions or suggestions please contact us via europe@bitwiseinvestments.com.
Thanks for your help!

Welcome to Bitwise

Select your location

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Website language
Country
Website language
Country
Important Notice:
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation.
Important Notice:

The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.

Important Notice:
You are about to access the Bitwise Asset Management website. Based on your location, clicking 'Proceed to US website' below will redirect you to the US-specific website.
Avis Important

Les produits d’investissement domiciliés en Europe et présentés sur ce site sont des Exchange Traded Commodities (« ETC »), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers, présentant des risques difficilement compréhensibles par le grand public. À ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

Terms of website use

Please read these terms carefully before using this website. By clicking on “Accept” and by accessing the website on an ongoing basis, you are deemed to have read, understood and accepted these Terms of Website Use.

The distribution of the information and material on this Website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation. By clicking on “Accept” and by accessing the website on an ongoing basis you attest that you are a professional investor or are otherwise allowed to access this website pursuant to all applicable laws.

You must not use or attempt to use any automated program (including, without limitation, any spider or other web crawler) to access our system or in relation to this Website.

We may change these Terms of Website Use from time to time. Any changes we may make will be posted on this website. By continuing to use and access this website following such changes, you agree to be bound by any changes we make. Please review this page frequently to see any updates or changes to these Terms.

If you are in the UK, US or Canada

Information available on this website is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering in the United States, to, or for the account or benefit of, any U.S. Person or in Canada, or any state, province or territory thereof, where neither the Issuer nor its products are authorised or registered for distribution or sale and where no prospectus of the Issuer has been filed with any securities regulator. Neither this website nor information it contains should be accessed by a US person or legal entity or taken, transmitted or distributed (directly or indirectly) into the United States.

This document does not constitute an invitation or inducement to engage in investment activity. In the UK, this document is provided for information purposes and directed only at investment professionals (as defined under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended from time to time). It is not intended for use by, or directed at, retail customers or any person who does not have professional experience in matters relating to investment in cryptocurrencies and crypto-backed ETPs. Neither the Issuer nor its products are authorised or regulated by the UK Financial Conduct Authority.

No advice

Nothing on this website should be considered to be investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. All investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

The information on this website is provided for information purposes only. The fact that Bitwise has provided it does not constitute investment advice or a recommendation to buy or sell any particular product or to engage in any other related transaction. The products involve a high degree of risk and are not necessarily suitable for everyone. The products presented in this section of the website are intended for sale only to sophisticated investors who are able to understand and bear the risks involved. They may not be suitable for you.

In preparing the information in this section of the Website, Bitwise has not taken into account your individual investment objectives, financial situation or investment needs. Nothing in the website constitutes or is intended to constitute financial, legal, accounting or tax advice. Neither Bitwise or any affiliate will provide or purport to provide you with investment advice as a result of your use of this website. Accessing this website does not create any contract whereby Bitwise agrees or undertakes to provide you with any information or investment advice. The information on this website is provided solely on the basis that you will make your own investment decisions.

Limitation of Liability

Neither Bitwise nor any of its affiliates, directors, officers or employees shall be responsible or will be liable for any loss or damage including consequential or indirect damage or loss of profit, arising in any way from the use of, or inability to use, this website or any reliance placed on the information it contains. The website is provided on an "as is" basis. Whilst we take all reasonable care to ensure the information published on this website is up to date and as accurate as possible, Bitwise does not guarantee or warrant that this website, or any services or content on it, will always be accurate, available or provided uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this website without notice. We do not guarantee that this website will be secure or free from bugs or viruses. You agree that your use of this website is at your own risk.

Certain documents made available on this Website may have been prepared and issued by persons other than Bitwise. Bitwise is not responsible in any way for the content of any such documents. The website may also contain hyperlinks to external websites that are not under the control of Bitwise. Bitwise does not approve or endorse the contents of such websites and does not control or take any responsibility for the content of any such websites.

Risk Warnings

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors' for further details of risks associated with an investment.

General

The website is owned and operated by Bitwise Europe Management Ltd., a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG. You can contact us by email at europe@bitwiseinvestments.com.

References to “Bitwise”, “we”, “us” and “our” in these Terms of Website Use refer to Bitwise Europe Management Ltd. and our affiliates.

All content and the design of this Website are owned by Bitwise or our licensors and protected by copyright and other applicable laws. Any copying of the website or of its content requires the prior written consent of Bitwise.

Bitwise respects the privacy of users. Please see our Privacy Policy for information setting out how we handle personal information collected through the Website.

404 - The page you have chosen cannot be displayed
404

The page you have chosen
cannot be displayed

You will be redirected to the homepage automatically

Click here to open the webpage if the redirect does not start automatically.

Possible reasons might be:

You have used a bookmark. Structure of the website has changed. Surely you can find the information you are looking for somewhere on our website.

You entered the address manually on the address line of your browser. You may have made a typing error or the address may no longer be valid.

The contents and design of this page are currently being worked on. Please try again in a few minutes.

You clicked on a link somewhere on our website. The link is probably incorrect. If you send a brief e-mail to our web team, we will rectify the problem as rapidly as possible. Make sure you indicate the address of the page the link is on. Thank you.

You were referred to this page by a link on another website. The page does not exist. You may want to point this out to the operator of the other website. You will doubtless find other interesting topics on our website by going to the homepage.

If you have any questions or suggestions please contact us via europe@bitwiseinvestments.com.
Thanks for your help!

Welcome to Bitwise

Select your location

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Website language
Country
Website language
Country
Important Notice:
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation.
Important Notice:

The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.

Important Notice:
You are about to access the Bitwise Asset Management website. Based on your location, clicking 'Proceed to US website' below will redirect you to the US-specific website.
Avis Important

Les produits d’investissement domiciliés en Europe et présentés sur ce site sont des Exchange Traded Commodities (« ETC »), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers, présentant des risques difficilement compréhensibles par le grand public. À ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

Terms of website use

Please read these terms carefully before using this website. By clicking on “Accept” and by accessing the website on an ongoing basis, you are deemed to have read, understood and accepted these Terms of Website Use.

The distribution of the information and material on this Website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation. By clicking on “Accept” and by accessing the website on an ongoing basis you attest that you are a professional investor or are otherwise allowed to access this website pursuant to all applicable laws.

You must not use or attempt to use any automated program (including, without limitation, any spider or other web crawler) to access our system or in relation to this Website.

We may change these Terms of Website Use from time to time. Any changes we may make will be posted on this website. By continuing to use and access this website following such changes, you agree to be bound by any changes we make. Please review this page frequently to see any updates or changes to these Terms.

If you are in the UK, US or Canada

Information available on this website is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering in the United States, to, or for the account or benefit of, any U.S. Person or in Canada, or any state, province or territory thereof, where neither the Issuer nor its products are authorised or registered for distribution or sale and where no prospectus of the Issuer has been filed with any securities regulator. Neither this website nor information it contains should be accessed by a US person or legal entity or taken, transmitted or distributed (directly or indirectly) into the United States.

This document does not constitute an invitation or inducement to engage in investment activity. In the UK, this document is provided for information purposes and directed only at investment professionals (as defined under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended from time to time). It is not intended for use by, or directed at, retail customers or any person who does not have professional experience in matters relating to investment in cryptocurrencies and crypto-backed ETPs. Neither the Issuer nor its products are authorised or regulated by the UK Financial Conduct Authority.

No advice

Nothing on this website should be considered to be investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. All investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

The information on this website is provided for information purposes only. The fact that Bitwise has provided it does not constitute investment advice or a recommendation to buy or sell any particular product or to engage in any other related transaction. The products involve a high degree of risk and are not necessarily suitable for everyone. The products presented in this section of the website are intended for sale only to sophisticated investors who are able to understand and bear the risks involved. They may not be suitable for you.

In preparing the information in this section of the Website, Bitwise has not taken into account your individual investment objectives, financial situation or investment needs. Nothing in the website constitutes or is intended to constitute financial, legal, accounting or tax advice. Neither Bitwise or any affiliate will provide or purport to provide you with investment advice as a result of your use of this website. Accessing this website does not create any contract whereby Bitwise agrees or undertakes to provide you with any information or investment advice. The information on this website is provided solely on the basis that you will make your own investment decisions.

Limitation of Liability

Neither Bitwise nor any of its affiliates, directors, officers or employees shall be responsible or will be liable for any loss or damage including consequential or indirect damage or loss of profit, arising in any way from the use of, or inability to use, this website or any reliance placed on the information it contains. The website is provided on an "as is" basis. Whilst we take all reasonable care to ensure the information published on this website is up to date and as accurate as possible, Bitwise does not guarantee or warrant that this website, or any services or content on it, will always be accurate, available or provided uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this website without notice. We do not guarantee that this website will be secure or free from bugs or viruses. You agree that your use of this website is at your own risk.

Certain documents made available on this Website may have been prepared and issued by persons other than Bitwise. Bitwise is not responsible in any way for the content of any such documents. The website may also contain hyperlinks to external websites that are not under the control of Bitwise. Bitwise does not approve or endorse the contents of such websites and does not control or take any responsibility for the content of any such websites.

Risk Warnings

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors' for further details of risks associated with an investment.

General

The website is owned and operated by Bitwise Europe Management Ltd., a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG. You can contact us by email at europe@bitwiseinvestments.com.

References to “Bitwise”, “we”, “us” and “our” in these Terms of Website Use refer to Bitwise Europe Management Ltd. and our affiliates.

All content and the design of this Website are owned by Bitwise or our licensors and protected by copyright and other applicable laws. Any copying of the website or of its content requires the prior written consent of Bitwise.

Bitwise respects the privacy of users. Please see our Privacy Policy for information setting out how we handle personal information collected through the Website.

de DE it IT
 Back to media

Insights | 05.06.2020

An Introduction to Bitcoin and Exchange Traded Crypto | Part 1

Back-to-basics: Currencies

A currency is usable if it can reliably be counted on to maintain its relative value over time and without depreciating. In many societies throughout history, commodities or precious metals were used as methods of payment because they were seen as having relatively stable value. Rather than require individuals to carry around cumbersome quantities of cocoa beans, shells, gold or other early forms of currency, societies eventually turned to minted currency as an alternative.

money photoThe introduction of paper money in 11th Century China was the next evolution – paper has little to no intrinsic value, but a bank note obtains value because it could be exchanged for a specified amount of gold held by the government or central bank – a system known as the ‘gold standard’. This system lasted until the 1970’s when President Nixon severed the relationship between the Dollar and gold and ushered in the age of fiat currencies.

Most modern currencies are fiat, including the US Dollar, British Pound and Euro. Fiat currencies are issued by a government and not backed by gold, but instead have value because of the faith that individuals and governments have that other parties will accept that currency

However, the age of central-bank issued fiat currencies is being challenged. In 2008 a new idea was introduced by an unknown person or group using the name “Satoshi Nakamoto” – Bitcoin.

Bitcoin is a decentralized digital currency without a central bank or government backing it. Bitcoin can be sent between users on the bitcoin network without the need for intermediaries.

Bitcoin relies on a technology called blockchain - a list of records (blocks) that are linked by cryptography – hence ‘cryptocurrency’. Each block contains a timestamp, a cryptographic tag of the previous block and transaction data. Blockchain is highly secure, fast and hard to tamper with as changes to a block must be validated by a majority of users within the system. This makes it great for transferring sensitive data, including contracts, shareholder details, medical records or money transfers.

How a Bitcoin Transaction works:

Bob, an online merchant, decides to begin accepting Bitcoin as payment. Alice, a buyer, has Bitcoin and wants to purchase merchandise from Bob.

how bitcoin works illustration
Overview of The Cryptocurrency Market

Since the launch of Bitcoin, cryptocurrencies have rarely been out of the headlines, prompting increased investor interest and a raft of competing currencies. Estimates vary on the number of cryptocurrencies, research site CoinMarketCap tracks over 5,000, but few of these have ever come close to Bitcoins meteoric popularity.

The crypto market may sound crowded, but it’s also extremely top-heavy with the majority of the investor adoption, capitalization and liquidity concentrated in the top 10 largest coins. Even among the heavy weights, Bitcoin is by far the dominant cryptocurrency with well over half of all market capitalization and greatest acceptance by users.

SL Name Symbol Market Cap $
1 Bitcoin BTC $166,671,653,227
2 Ethereum ETH $25,993,992,566
3 XRP XRP $10,630,175,756
4 Bitcoin Cash BCH $6,386,397,789
5 Tether USDT $4,653,419,534
6 Bitcoin SV BSV $4,520,833,929
7 Litecoin LTC $4,026,367,789
8 EOS EOS $3,501,256,145
9 Binance Coin BNB $3,300,979,469
10 Tezos XTZ $2,266,068,417
Source: Coinmarketcap.com Data as of 6th March, 2020 market cap
Where do Bitcoins come from?

In the same way that previous generations would swing a pickaxe in a mine for gold and silver to make coins, it takes effort to get a Bitcoin. Bitcoin mining is the way new Bitcoins are added to the available supply and involves very powerful computers called ‘miners’ solving complex mathematical problems to confirm and validate changes to the blockchain ledger. Miners who succeed in solving the problems are given Bitcoins, but it becomes harder to solve these problems over time and there is a finite number of Bitcoins to be mined.

There are rules built in to limit the total supply to 21 million Bitcoins making it a ‘hard’ currency compared to fiat currencies controlled by central banks that can devalue their currency by simply printing more money at will.
Once mined, a Bitcoin can be used in peer-to-peer transactions over the Bitcoin network, spent on ecommerce sites (and in some physical stores) or withdrawn as fiat currency from one of the estimated 7,000 Bitcoin ATMs worldwide.

What determines Bitcoin’s Value?

As with all currencies, Bitcoin’s value is determined by supply and demand and trust and acceptance in the system. A successful currency needs to meet standards of scarcity, divisibility, transferability and utility. Bitcoin’s value comes from the fact that it meets and often surpasses traditional currencies in delivering these features, and is therefore accepted by users as a useful tool for transactions and trading

Scarcity

Key to the maintenance of a currency's value is its supply. A money supply that is too large could cause prices of goods to spike, resulting in economic collapse. A money supply that is too small can also cause economic problems. Bitcoin is actually a hard currency, with a defined and finite supply hardwired within its codebase - unlike fiat currencies where governments or central banks have the power to increase the money supply at will

When Bitcoin was launched in 2009, its developer(s) capped the supply of tokens at 21 million. The current supply of Bitcoin is around 18 million and the rate at which Bitcoin is released is halved roughly every four years. The supply released should hit 19 million 2022. The last Bitcoin is not on track to be mined until ~2140.

Divisibility

Successful currencies are divisible into smaller incremental units. In order for a single currency system to function as a medium of exchange across all types of goods and values within an economy, it must have the flexibility associated with this divisibility. The currency must be suciently divisible so as to accurately reflect the value of every good or service available throughout the economy

21 million Bitcoins is vastly smaller than the circulation of most global currencies. However, to address this imbalance, Bitcoin is divisible up to 8 decimal points. The smallest unit, equal to 0.00000001 Bitcoin, is called a "Satoshi" after the alleged creator of the cryptocurrency. This allows for quadrillions of individual Satoshis to be distributed throughout the global economy.

Utility

A currency must have utility in order to be effective. Individuals must be able to reliably trade units of the currency for goods and services. This is a primary reason why currencies developed in the first place: so that participants in a market could avoid having to barter directly for goods. Utility also requires that currencies be easily moved from one location to another. Burdensome precious metals and bulky commodities don't easily meet this stipulation.

One of the biggest selling points of Bitcoin has been its use of blockchain technology. Blockchain is a distributed ledger system which is decentralized and trustless, meaning that no parties involved in the Bitcoin market need to know or trust one another in order for the system to work properly. A complex system of checks and verifications is key to the maintenance of the ledger and the mining of more Bitcoins. This means Bitcoin can’t be manipulated by individuals, governments or central banks

Transferability

Currencies must be easily transferred between participants in an economy in order to be useful. In fiat currency terms, this means that units of currency must be transferable within a particular country's economy as well as between nations via exchange. With cryptocurrency exchanges, wallets, ATMs and other tools, Bitcoin is easily and securely transferable between parties

In fact, when compared to Gold and Fiat currencies, Bitcoin is more ‘money-like’ than money.

Traits of Money Gold US Dollar Bitcoin
Fungible High High High
Non Consumable High High High
Portable Mid High High
Durable High Mid High
Divisible Mid Mid High
Secure / Anti Counterfeit Mid Mid High
Easily Transactable low High High
Scarcity Mid low High
Government Issued low High low
Decentralised low low High
Smart /Programmable low low High
Why Don’t More Investors Utilise Bitcoin?

Despite these many desirable characteristics, many investors still perceive Bitcoin as an unstable, risky asset that is complicated to trade and open to abuse. Stories of crypto frauds and failures and the collapse of high-profile crypto exchanges like Mt Gox still loom large in many investors’ minds. Additionally, the complexity of managing a Bitcoin wallet, trading on largely unregulated crypto exchanges, local regulatory restrictions and lack of availability of Bitcoin on broker and wrap platforms has impeded adoption from traditional asset and wealth managers.

The future of Bitcoin as legal tender and as an investment asset will depend on a number of factors. A solid regulatory framework will help create a more transparent market and if more protections are offered to investors, more will be attracted to the market. In turn, this will build confidence in the cryptocurrency market and lead to greater pricing eciencies. The treatment of capital gains from investments in Bitcoin will also catalyse the further development of the market. Lastly, confidence in the Bitcoin market will be improved if two disadvantages are properly addressed—namely, complexity and insecurity.
Solutions are now becoming available that can provide access to the powerful diversification and return potential of Bitcoin in a regulated, transparent and exchange-listed structure that is as easy to trade as any share or ETF.

Important: Cryptocurrencies are highly volatile. Your capital is at risk. The value of cryptoassets can go down as well as up and you can lose your entire investment. ETC Management Limited, its affiliates, and subsidiaries are not soliciting any action based upon the material presented above. The material does not represent or shall not be inferred as an offer or a recommendation to buy or sell a security, nor shall it be considered or treated as investment advice.
 Back to media

Insights | 05.06.2020

404 - The page you have chosen cannot be displayed
404

The page you have chosen
cannot be displayed

You will be redirected to the homepage automatically

Click here to open the webpage if the redirect does not start automatically.

Possible reasons might be:

You have used a bookmark. Structure of the website has changed. Surely you can find the information you are looking for somewhere on our website.

You entered the address manually on the address line of your browser. You may have made a typing error or the address may no longer be valid.

The contents and design of this page are currently being worked on. Please try again in a few minutes.

You clicked on a link somewhere on our website. The link is probably incorrect. If you send a brief e-mail to our web team, we will rectify the problem as rapidly as possible. Make sure you indicate the address of the page the link is on. Thank you.

You were referred to this page by a link on another website. The page does not exist. You may want to point this out to the operator of the other website. You will doubtless find other interesting topics on our website by going to the homepage.

If you have any questions or suggestions please contact us via europe@bitwiseinvestments.com.
Thanks for your help!

Welcome to Bitwise

Select your location

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Welcome to Bitwise

Confirm your location to help us deliver the site experience most relevant to you

Website language
Country
Website language
Country
Important Notice:
The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation.
Important Notice:

The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.

Important Notice:
You are about to access the Bitwise Asset Management website. Based on your location, clicking 'Proceed to US website' below will redirect you to the US-specific website.
Avis Important

Les produits d’investissement domiciliés en Europe et présentés sur ce site sont des Exchange Traded Commodities (« ETC »), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers, présentant des risques difficilement compréhensibles par le grand public. À ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

Terms of website use

Please read these terms carefully before using this website. By clicking on “Accept” and by accessing the website on an ongoing basis, you are deemed to have read, understood and accepted these Terms of Website Use.

The distribution of the information and material on this Website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation. By clicking on “Accept” and by accessing the website on an ongoing basis you attest that you are a professional investor or are otherwise allowed to access this website pursuant to all applicable laws.

You must not use or attempt to use any automated program (including, without limitation, any spider or other web crawler) to access our system or in relation to this Website.

We may change these Terms of Website Use from time to time. Any changes we may make will be posted on this website. By continuing to use and access this website following such changes, you agree to be bound by any changes we make. Please review this page frequently to see any updates or changes to these Terms.

If you are in the UK, US or Canada

Information available on this website is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering in the United States, to, or for the account or benefit of, any U.S. Person or in Canada, or any state, province or territory thereof, where neither the Issuer nor its products are authorised or registered for distribution or sale and where no prospectus of the Issuer has been filed with any securities regulator. Neither this website nor information it contains should be accessed by a US person or legal entity or taken, transmitted or distributed (directly or indirectly) into the United States.

This document does not constitute an invitation or inducement to engage in investment activity. In the UK, this document is provided for information purposes and directed only at investment professionals (as defined under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended from time to time). It is not intended for use by, or directed at, retail customers or any person who does not have professional experience in matters relating to investment in cryptocurrencies and crypto-backed ETPs. Neither the Issuer nor its products are authorised or regulated by the UK Financial Conduct Authority.

No advice

Nothing on this website should be considered to be investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. All investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

The information on this website is provided for information purposes only. The fact that Bitwise has provided it does not constitute investment advice or a recommendation to buy or sell any particular product or to engage in any other related transaction. The products involve a high degree of risk and are not necessarily suitable for everyone. The products presented in this section of the website are intended for sale only to sophisticated investors who are able to understand and bear the risks involved. They may not be suitable for you.

In preparing the information in this section of the Website, Bitwise has not taken into account your individual investment objectives, financial situation or investment needs. Nothing in the website constitutes or is intended to constitute financial, legal, accounting or tax advice. Neither Bitwise or any affiliate will provide or purport to provide you with investment advice as a result of your use of this website. Accessing this website does not create any contract whereby Bitwise agrees or undertakes to provide you with any information or investment advice. The information on this website is provided solely on the basis that you will make your own investment decisions.

Limitation of Liability

Neither Bitwise nor any of its affiliates, directors, officers or employees shall be responsible or will be liable for any loss or damage including consequential or indirect damage or loss of profit, arising in any way from the use of, or inability to use, this website or any reliance placed on the information it contains. The website is provided on an "as is" basis. Whilst we take all reasonable care to ensure the information published on this website is up to date and as accurate as possible, Bitwise does not guarantee or warrant that this website, or any services or content on it, will always be accurate, available or provided uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this website without notice. We do not guarantee that this website will be secure or free from bugs or viruses. You agree that your use of this website is at your own risk.

Certain documents made available on this Website may have been prepared and issued by persons other than Bitwise. Bitwise is not responsible in any way for the content of any such documents. The website may also contain hyperlinks to external websites that are not under the control of Bitwise. Bitwise does not approve or endorse the contents of such websites and does not control or take any responsibility for the content of any such websites.

Risk Warnings

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors' for further details of risks associated with an investment.

General

The website is owned and operated by Bitwise Europe Management Ltd., a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG. You can contact us by email at europe@bitwiseinvestments.com.

References to “Bitwise”, “we”, “us” and “our” in these Terms of Website Use refer to Bitwise Europe Management Ltd. and our affiliates.

All content and the design of this Website are owned by Bitwise or our licensors and protected by copyright and other applicable laws. Any copying of the website or of its content requires the prior written consent of Bitwise.

Bitwise respects the privacy of users. Please see our Privacy Policy for information setting out how we handle personal information collected through the Website.