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Digital Asset Manager Bitwise has launched two new beta funds for Bitcoin (BTC) and Ethereum (ETH), according to a press release dated December 5.
The launch of new products aims to provide a "low cost" and "liquid" means to capture returns on both high-profile assets, currently trading for 81% and 92% respectively below the highs historians.
As per press release, the funds will not charge premiums, exit commissions, impose blocks, or charge extra charges "outside the indicated management fee." Investor holdings will be held in a refrigeration portfolio held by an institutional "third party" guardian, "and Bitwise says it will provide customers with K-1 tax documents every year.
Matt Hougan, global head of research for Bitwise, contextualized the launch of new funds as driven by "a significant incoming demand" stimulated by "positive developments on the horizon". These, he underlined, include the "next" launch of the bitcoin Bakkt futures exchange from ICE, the launch of Fidelity Digital Assets and the ongoing movement of institutional investors such as Yale University and Stanford University in cryptographic space ".
In December last year, Bitwise raised $ 4 million in seed funding from big names in venture capital such as Naval Ravikant and Elad Gil.
As reported this summer, Bitwise also submitted to the US Securities and Exchange Commission (SEC) the launch of a multi-cryptocurrency-based regulated fund (ETF), which was designed to include ten cryptocurrencies. If approved, the ETF traces the fund of the private index Bitwise HOLD 10, founded last November.
Multiple cryptographic ETF proposals – most of which focus on Bitcoin (BTC), rather than being multi-cryptocurrency – are still under review by the SEC. Just last week, the SEC released a memorandum from its latest meeting with the US investment firm VanEck and the blockchain software and financial services company SolidX, whose joint application for a Bitcoin ETF was presented for the first time to June.
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