Bitwise Maintains “No Affiliation” With Startup Under SEC Investigation


BAM, a cryptocurrency index manager of funds, has clarified that it is not associated with Bitwise Industries, the bankrupt technology business that the US SEC is investigating. The founders of Bitwise Industries, Jake Soberal, along with, Irma Olguin Junior, were accused on November 9 of planning to conduct wire fraud as well as of receiving $100M from different investors despite their failed business plan. According to the SEC, the two fabricated paperwork to mislead investors and obtain money.

Due to some misunderstanding created by the company’s name being the same as the cryptocurrency fund manager’s, updates on social sites have been made utilizing Bitwise Asset Management’s logo while discussing Bitwise Industries. The manager of the cryptocurrency index investment made it clear that both of them are unconnected, though.

Bitwise Provides A Variety Of Crypto Connected Financial Products

BAM emphasized in a declaration on November 10 that it is unaffiliated with the business that is presently being investigated by the SEC. It said as follows: “Bitwise Industries, a former technology business headquartered in Fresno, California, is not affiliated with and hasn’t been associated with BAM Inc., a leading CIF manager in America, based in San Francisco.”

BAM provides a range of financial products connected to cryptocurrency, including ETFs with an Ether ETH ticker down to $2,090 futures. Furthermore, the business is among the asset managers attempting to obtain clearance for a Bitcoin ETF that trades on the spot. However, the cryptocurrency company seems to have been a long-gone IT company that has never engaged in any kind of digital asset production.