Bitwise Asset Management, a leading crypto index fund manager, is keen to clarify that it has absolutely no ties to the troubled tech startup, Bitwise Industries, currently facing legal troubles brought forth by the United States Securities and Exchange Commission (SEC).
The co-founders of Bitwise Industries, Irma Olguin Jr. and Jake Soberal, have been slapped with charges of wire fraud conspiracy and alleged misappropriation of $100 million from various investors, despite their faltering business model.
The SEC claims that they went to great lengths, including falsifying documents, to deceive investors and secure funds.
The resemblance in the names of the two entities has led to some confusion, with social media posts erroneously using Bitwise Asset Management’s logo when discussing Bitwise Industries.
However, Bitwise Asset Management is eager to make it abundantly clear that there is no connection between the two.
In a statement issued on November 10th, Bitwise Asset Management unequivocally asserted their independence from the beleaguered tech firm, stating, “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.”
Bitwise Asset Management is renowned for its diverse range of crypto-related investment products, which include Ether futures exchange-traded funds (ETFs).
Additionally, the company is actively pursuing approval for a spot Bitcoin ETF, positioning itself at the forefront of the evolving cryptocurrency investment landscape.
In stark contrast, Bitwise Industries seems to be a defunct tech company with no history of involvement in digital assets or cryptocurrencies.
The distinction between the two entities is paramount, especially given the legal issues surrounding Bitwise Industries, and Bitwise Asset Management is determined to ensure that this distinction is crystal clear to the public and investors alike.