According to Cointelegraph, Bitwise Asset Management, a leading crypto index fund manager, has emphasized that it has no connection with the failed technology startup Bitwise Industries, which is currently facing charges from the United States Securities and Exchange Commission (SEC). On November 9, Bitwise Industries founders Irma Olguin, Jr. and Jake Soberal were charged with conspiring to commit wire fraud and taking $100 million from various investors despite their business model failing. The SEC alleges that the duo falsified documents to deceive investors and raise funds.
The identical names of the two companies have caused confusion, with some social media posts using Bitwise Asset Management's logo when discussing Bitwise Industries. However, Bitwise Asset Management clarified in a statement on November 10 that they have no affiliation with the company facing SEC charges. The statement read: "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 offers various crypto-related investment products, including Ethereum futures ETFs. The company is also among the asset managers seeking approval for a spot Bitcoin ETF. In contrast, Bitwise Industries appears to be a defunct tech firm that has not worked with digital assets in any capacity.
