Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF
BTOP
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Cryptocurrency
- Address
- 400 Montgomery Street, Suite 600 San Francisco CA United States of America 94104
- IPO Date
- Oct 2, 2023
- Website
- bitwiseinvestments.com
- Similar Companies
- Business
- Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF (NYSE Arca: BTOP) is an actively managed exchange-traded fund that provides directional exposure to bitcoin and ether futures or U.S. Treasuries based on proprietary market momentum signals; the fund invests 100% in an equal-weighted portfolio of front-month CME bitcoin and ether futures contracts when the 10-day exponential moving average exceeds the 20-day exponential moving average, signaling upward trends, and rotates entirely to short-term U.S. Treasuries during downward trends to prioritize capital preservation; futures positions are accessed through a Cayman Islands subsidiary capped at 25% of assets, with remaining holdings in money market instruments for liquidity. BTOP, issued by Bitwise Asset Management, L.P., a San Francisco-based crypto asset manager founded in 2017, features a net expense ratio of 0.89%, custody by Bank of New York Mellon, and distribution by Foreside Fund Services, LLC; the firm, with over $15 billion in assets under management and more than 125 professionals across offices in San Francisco, New York, and London, targets financial advisors, institutions, and investors seeking regulated crypto exposure without direct holdings of bitcoin or ether. Launched on September 29, 2023, initially as the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, BTOP adopted its current Trendwise rotation strategy on December 3, 2024, as part of Bitwise's conversion of three crypto futures ETFs (including BITC and AETH) from long-only approaches; this momentum-based enhancement aims to improve risk-adjusted returns amid crypto volatility. Bitwise has pursued aggressive expansion in 2024-2025, launching spot bitcoin (BITB) and ethereum (ETHW) ETPs that rapidly amassed billions in assets; acquiring London-based ETC Group in August 2024 to enter Europe with over $1 billion in ETP assets including physical bitcoin and ethereum products; filing for a spot XRP ETP in October 2024; acquiring staking firm Attestant in November 2024; and surpassing $5 billion in total AUM, up 400% year-over-year. The ETF trades on NYSE Arca with approximately $8 million in assets under management as of late 2025, serving a global investor base through Bitwise's suite of over 30 products encompassing ETFs, private funds, separately managed accounts, and staking solutions focused on the cryptocurrency sector.