Bitwise Asset Management Denies Affiliation with Troubled Startup Bitwise Industries
Summary:
Bitwise Asset Management, a significant crypto index fund manager, has denied any ties with Bitwise Industries, a troubled tech startup currently being charged by the U.S. Securities and Exchange Commission. Misleading investors about Bitwise Industries' financial state led to its founders being charged with conspiracy to commit wire fraud. Bitwise Asset Management clarified that despite sharing a similar name, there is no connection between the two companies. The crypto fund manager is known for various crypto-related investment products and efforts to get approval for a Bitcoin spot ETF.
Bitwise Asset Management, a manager of crypto index funds, has emphatically distanced itself from the beleaguered tech startup, Bitwise Industries. Currently, the latter company is grappling with charges sanctioned by the U.S. Securities and Exchange Commission. Fresno, California's tech startup's ex-CEOs, Irma Olguin, Jr. and Jake Soberal, face charges related to misleading investors about the financial state of their company, the news broke out on November 9, 2023.
Bitwise Industries' founders, Irma Olguin, Jr. and Jake Soberal came under fire on Nov. 9, as they were indicted for allegedly conspiring to commit wire fraud. They stand accused of extracting $100 million from various investors under the pretense of a faltering business model. The SEC accuses the duo of fabricating documentation to wrongfully obtain funding. Their alleged deceit created confusion due to the identical name to the digital asset fund manager, Bitwise Asset Management, provoking misconceptions on social networking platforms.
However, to defuse the confusion, Bitwise Asset Management, has clarified that there is no connection between the two entities. Amid the excitement about BlackRock's speculation about Ethereum's spot ETF, the significant crypto index fund manager, Bitwise Asset Management, on Nov. 10, stated categorically that their company shares no affiliation with the Fresno-based Bitwise Industries, currently in the SEC's crosshairs.
Further emphasizing their distinction, Bitwise Asset Management described themselves as the leading crypto index fund manager in the U.S. They confirmed having essentially zero ties to the now-insolvent Bitwise Industries. Bitwise Asset Management offers various investment opportunities in the crypto domain, including Ethereum futures ETFs and also seeks to obtain approval for a Bitcoin spot ETF. Contrary to this, Bitwise Industries, a now-defunct tech firm, has no associations with digital monetary assets.
Published At
11/10/2023 9:06:40 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.