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The creator of the world's first cryptocurrency fund has launched two liquid beta funds with bitcoins and ether exclusively to meet market demand. The Bitwise Bitcoin Fund and the Bitwise Ethereum Fund are available in two share classes, Institutional Shares and Investor Shares.
Bitwise funds open to a minimum investment of $ 25,000 for retail investors and $ 1 million for institutional institutions
Bitwise Asset Management has expanded its family of funds with the two new strategies added to the Bitwise 10 private fund. The Bitcoin and Ethereum funds are promoted as a low-cost alternative to existing existing options that charge commissions exit and other expenses.
Hunter Horsley, CEO of Bitwise Asset Management, believes that the 68% reduction in bitcoin prices this year has offered investors a unique opportunity to enter the market at very low prices.
"Although an ETF has not yet been approved, investors and advisors such as the fund format are professionally managed and simplify access to best-in-class custody, negotiation, reporting and tax preparation and allow safe capture of events such as those difficult forks and airdrops. "
The Bitcoin and Ethereum funds aim to capture the total returns available to bitcoin and ethereum investors, including hard forks and air drops, respectively. Bitwise holds the capital in cold storage with a third-party institutional custodian. The asset management company offers an institutional offer, with a total expense ratio of 1% and a minimum investment of $ 1 million and a retail offer, with a total cost of 1 , 5% and a minimum investment of $ 25,000.
The cryptocurrency market has been falling lately. Bitcoin trades below $ 4000 and Ethereum loses the $ 100 handle. Matt Hougan, Bitwise's global research manager, says the institutional demand for bitcoin and ether funds is on the rise, with some additions to their positions during the crises and others that exploit the opportunity to enter the market.
"With important positive developments at the horizon, including the launch of the Bakco bitcoin futures exchange from the ICE, the launch of Fidelity Digital Assets and the ongoing movement of institutional investors such as Yale University and Stanford University in space. cryptographic, we have seen significant incoming demand for bitcoin funds and high quality ether ".
The funds launched by Bitwise allow US-accredited investors to enter and exit the fund on a weekly basis and not to charge withdrawal or return fees or performance fees.
Bitwise is supported by some major names within the ecosystem, including Khosla Ventures, Blockchain Capital and Naval Ravikant. At the end of July 2018, Horsley CEO told CNBC that the asset management company was confident of launching its cryptocurrency ETF index. The company has presented a proposal to the SEC with this goal in mind. In that interview, Horsley added that his customers "love the index strategy" because they are not tied to a single cryptocurrency.
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