Is the bitwise bitcoin fund a private placement?

Excuse me, could you elaborate on whether the Bitwise Bitcoin Fund qualifies as a private placement? Given its association with cryptocurrencies, which are inherently volatile, I'm curious to understand if the fund's structure and offering comply with the regulatory framework for private placements. Specifically, I'm interested in knowing if it's marketed to a select group of investors, whether there are limitations on the number of investors, and if there are any specific qualifications or minimum investments required for participation. Thank you for your attention to this inquiry.