1

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 99496 / February 8, 2024

ADMINISTRATIVE PROCEEDING

File No. 3-21846

In the Matter of

Jake Soberal, Esq.,

Respondent.

ORDER INSTITUTING ADMINISTRATIVE 

PROCEEDINGS PURSUANT TO RULE 102(e) 

OF THE COMMISSION’S RULES OF 

PRACTICE, MAKING FINDINGS, AND 

IMPOSING REMEDIAL SANCTIONS

I.

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the 

public interest that public administrative proceedings be, and hereby are, instituted against Jake 

Soberal (“Respondent” or “Soberal”) pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of 

Practice.1 

II.

In anticipation of the institution of these proceedings, Respondent has submitted an Offer 

of Settlement (the “Offer”) which the Commission has determined to accept. Solely for the 

purpose of these proceedings and any other proceedings brought by or on behalf of the 

Commission, or to which the Commission is a party, and without admitting or denying the findings 

1 Rule 102(e)(3)(i) provides, in relevant part, that:

The Commission, with due regard to the public interest and without preliminary hearing, may, by order, . . . 

suspend from appearing or practicing before it any attorney . . . who has been by name (A) [p]ermanently enjoined 

by any court of competent jurisdiction, by reason of his or her misconduct in an action brought by the Commission, 

from violating or aiding and abetting the violation of any provision of the Federal securities laws or of the rules and 

regulations thereunder; or (B) [f]ound by any court of competent jurisdiction in an action brought by the 

Commission to which he or she is a party ... to have violated (unless the violation was found not to have been 

willful) or aided and abetted the violation of any provision of the Federal securities laws or of the rules and 

regulations thereunder. 
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herein, except as to the Commission’s jurisdiction over him and the subject matter of these 

proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent 

consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Rule 102(e) 

of the Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions 

(“Order”), as set forth below. 

III.

On the basis of this Order and Respondent’s Offer, the Commission finds that: 

1. Soberal, age 37, resides in Fresno, California. Soberal was the co-CEO of Bitwise 

Industries, Inc. (“Bitwise”) until June 2023, when he was terminated. Soberal is a member of the 

California State Bar. Soberal has never held any securities licenses and is not registered with the 

Commission in any capacity.

2. On November 9, 2023, the Commission filed a complaint against Soberal in SEC v. 

Soberal, et al., Civil Action No. 1:23-cv-1585-JLT-BAM, in the United States District Court for the 

Eastern District of California. On January 31, 2024, the court entered an order permanently 

enjoining Soberal, by consent, from future violations of Section 17(a) of the Securities Act of 1933, 

and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

3. The Commission’s complaint alleged, among other things, that, while raising 

approximately $70 million for Bitwise from investors, Soberal knowingly made material 

misrepresentations and provided false documentation to investors concerning Bitwise’s cash 

position and historical financial performance. The Commission’s complaint further alleged that 

Soberal also provided an investor with a falsified audit opinion in order to conceal Bitwise’s actual 

financial performance. 

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to 

impose the sanction agreed to in Respondent Soberal’s Offer.

Accordingly, it is hereby ORDERED pursuant to Rule 102(e)(3)(i) of the Commission’s 

Rules of Practice, effective immediately, that:

A. Soberal is suspended from appearing or practicing before the Commission as an 

attorney.

By the Commission.

Vanessa A. Countryman

Secretary