Key Takeaways
- • Bitwise Asset Management is liquidating two ETFs: the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (BTOP) and the Bitwise Web3 ETF (BWEB), both ceasing operations on May 29, 2026.
- • The final day for shareholders to sell shares or purchase creation units was May 21, 2026; any remaining shareholders will have their positions automatically redeemed for cash based on NAV on approximately May 29, 2026.
- • Bitwise maintains $11 billion in client assets (as of April 1, 2026) and operates a portfolio of over 70 investment products across ETFs, separately managed accounts, private funds, and hedge fund strategies, serving 5,000+ wealth teams and 21 banks and broker-dealers.
- • The closures represent a strategic realignment of Bitwise's ETF lineup, though the firm continues to offer crypto and digital asset exposure through its remaining fund suite.
Summary
Bitwise Asset Management announced the closure and liquidation of two cryptocurrency-focused ETFs effective May 29, 2026. The Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (BTOP) and the Bitwise Web3 ETF (BWEB), both trading on NYSE Arca, ceased accepting new creation units and trading on May 21, 2026, with final NAV calculations completed on May 28, 2026.
Shareholders who failed to liquidate positions by the May 21 deadline were subject to automatic redemption for cash on a pro-rata basis according to each ETF's final net asset value. Redemption proceeds were distributed through brokers and financial intermediaries on or around May 29, 2026. This mechanism ensures systematic capital return to remaining shareholders without requiring individual action, though it eliminates opportunities for price appreciation in these specific funds going forward.
The closures reflect strategic portfolio management at Bitwise, which as of April 1, 2026, managed $11 billion in client assets and offered over 70 investment products spanning multiple asset classes and distribution channels. The firm serves more than 5,000 private wealth teams, registered investment advisors, family offices, and institutional investors, alongside 21 banks and broker-dealers. With a team of over 200 technology and investment professionals and an eight-year operating track record, Bitwise maintains institutional-grade infrastructure across offices in San Francisco, New York, and London. The liquidation of BTOP and BWEB did not appear to signal broader operational challenges but rather represented optimization of the product suite within a larger, diversified platform.
Shareholders who failed to liquidate positions by the May 21 deadline were subject to automatic redemption for cash on a pro-rata basis according to each ETF's final net asset value. Redemption proceeds were distributed through brokers and financial intermediaries on or around May 29, 2026. This mechanism ensures systematic capital return to remaining shareholders without requiring individual action, though it eliminates opportunities for price appreciation in these specific funds going forward.
The closures reflect strategic portfolio management at Bitwise, which as of April 1, 2026, managed $11 billion in client assets and offered over 70 investment products spanning multiple asset classes and distribution channels. The firm serves more than 5,000 private wealth teams, registered investment advisors, family offices, and institutional investors, alongside 21 banks and broker-dealers. With a team of over 200 technology and investment professionals and an eight-year operating track record, Bitwise maintains institutional-grade infrastructure across offices in San Francisco, New York, and London. The liquidation of BTOP and BWEB did not appear to signal broader operational challenges but rather represented optimization of the product suite within a larger, diversified platform.
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