Cryptocurrency index fund manager Bitwise Asset Management stressed that it has no ties to failed technology startup Bitwise Industries, which is currently facing charges from the U.S. Securities and Exchange Commission.
Today, we announced charges against Jake Soberal and Irma Olguin, Jr., the former co-executives of Bitwise Industries Inc., a private technology services startup based in Fresno, California, for misleading investors about the company’s financial affairs.
— SEC (@SECGov) November 9, 2023
On November 9, Bitwise Industries founders Irma Olguin, Jr. and Jake Soberal charged Despite the failure of his business model, he conspired to commit wire fraud and defrauded multiple investors of $100 million. The SEC charged the pair with falsifying documents to defraud investors and raise funds.
The company’s name is the same as that of a cryptocurrency fund manager, causing some confusion with some posts on social media use Bitwise Asset Management’s logo when talking about Bitwise Industries. However, the cryptocurrency index fund manager clarified that the two are unrelated.
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On November 10, Bitwise Asset Management insisted in a statement that they have no relationship with the company currently facing SEC charges.them wrote:
“San Francisco-based Bitwise Asset Management, Inc., the largest cryptocurrency index fund manager in the United States, has no and has never had any relationship with the now-defunct Bitwise Industries, a Frasers, California-based Nod’s former technology company”.
Bitwise Asset Management offers a variety of cryptocurrency-related investment products, including an Ethereum futures ETF. Additionally, the company is one of the asset managers working to obtain approval for a spot Bitcoin ETF. Bitwise Industries, on the other hand, appears to be a defunct technology company that does not work with digital assets in any way.
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