What’s Cooking at Bitwise?
In a chaotic turn of events that could put the plot twist in a telenovela to shame, Bitwise Asset Management has made it abundantly clear that it has no affiliation with the now-notorious Bitwise Industries. For those not paying attention in the back, let’s recap: the SEC recently dropped a bombshell by charging Jake Soberal and Irma Olguin Jr. of Bitwise Industries for allegedly misleading investors while simultaneously attempting to put pennies in their couch cushions via wire fraud!
The Bitwise Saga Unfolds
On November 9, headlines blared with claims that the founders of Bitwise Industries pulled off a financial Houdini act, misappropriating a staggering $100 million from investors. The best part? They allegedly doctored documents like a toddler with crayons claiming they were the next Picasso. SEC claims those artfully false documents were integral in raising funds for a sinking ship of a business model. Talk about a plot twist!
Confusion in the Crypto Community
You can imagine the confusion when social media users entwined the fates of Bitwise Industries and the reputable Bitwise Asset Management, often confusing their logos and exacerbating the situation. It’s like mistaking a beloved family pet for a sibling, but even more awkward! In light of all this, the crypto index fund manager took the matter into their own hands—probably while shaking their heads in disbelief—and issued a statement to clarify any misunderstandings.
Bitwise Asset Management’s Statement
On November 10, Bitwise Asset Management emphasized their lack of connection with the tech startup in question. While holding firm on their integrity, they proclaimed:
“San Francisco-based Bitwise Asset Management, Inc., the largest crypto index fund manager in America, has no relationship with, and has never had a relationship with, the now-defunct Bitwise Industries, a former technology company based in Fresno, California.”
What’s Next for Bitwise?
As the dust settles on this corporate coop, Bitwise Asset Management continues to operate without a hitch. They provide a variety of crypto investment products, proudly showcasing their Ether (ETH) futures ETFs while also campaigning for approval of a spot Bitcoin ETF. Unlike Bitwise Industries—which appears to have exited the stage left—Bitwise Asset Management remains a serious player in the crypto arena, leaving investors wondering about the implications of such a chaotic announcement.
