Bitwise Disavows Any Connection to AI Startup Facing SEC Charges

Bitwise Asset Management and Bitwise Industries

Crypto index fund manager Bitwise Asset Management has made it clear that it has no relationship with the now-failed technology startup Bitwise Industries, which is currently facing charges from the United States Securities and Exchange Commission.

On Nov. 9, Irma Olguin Jr. and Jake Soberal, the owners of Bitwise Industries, were accused of conspiring to commit wire fraud and taking $100 million from various investors despite their failing web 3.0 business model. The SEC has alleged that the pair falsified documents to deceive investors and raise funds.

The similarity in names has caused some confusion, with some posts on social media using Bitwise Asset Management’s logo while talking about Bitwise Industries. However, the crypto index fund manager clarified that the two are unrelated.

On Nov. 10, Bitwise Asset Management insisted in a statement that it has no affiliation with the company currently facing SEC charges. It wrote:

Bitwise Asset Management offers various crypto-related products for investment, including Ether (ETH) futures exchange-traded funds (ETFs). Moreover, the company is making an effort to get approval for a spot Bitcoin ETF. On the other hand, Bitwise Industries appears to be a defunct tech firm that had no involvement in web 3.0 business, ai technology, or digital marketing.