Crypto Fund Manager Bitwise Asset Management Clarifies Unrelated to Failed Startup Bitwise Industries
Bitwise Asset Management, the largest crypto index fund manager in America, wants to make it clear that they have no connection with Bitwise Industries, a now-defunct technology company facing charges from the U.S. Securities and Exchange Commission (SEC). The SEC has charged Bitwise Industries’ former co-CEOs, Jake Soberal and Irma Olguin, Jr., for allegedly misleading investors about the company’s finances.
Soberal and Olguin are accused of committing wire fraud and defrauding investors of $100 million despite their business model failing. The SEC alleges that they falsified documents to deceive investors and raise funds. This has caused some confusion due to the similarity in names, with social media posts mistakenly using Bitwise Asset Management’s logo when discussing Bitwise Industries.
No Affiliation with Bitwise Industries
Bitwise Asset Management released a statement on Nov. 10 reiterating that they have never been affiliated with Bitwise Industries. They clarified that there is no relationship between the two companies and emphasized that they have never had any association with the now-defunct technology firm based in Fresno, California.
It’s important to note that while Bitwise Asset Management offers various crypto-related products for investment, including Ethereum futures ETFs, and is seeking approval for a spot Bitcoin ETF, Bitwise Industries has no involvement with digital assets and appears to be unrelated to the crypto space.
Hot Take: Clearing Up the Confusion
As an investor or follower of the crypto industry, it’s crucial to stay informed about any developments involving companies in the space. The situation between Bitwise Asset Management and Bitwise Industries highlights the importance of distinguishing between similarly named entities to avoid confusion and misinformation. Always verify the sources of information and ensure that you are dealing with the correct company when discussing or investing in crypto-related businesses.
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