Bitwise Investments introduced that its property underneath administration (AUM) throughout its accessible funds have exceeded $1 billion.
Bitwise attributed the significantly sturdy development to a pair of funds — the Bitwise 10 Crypto Index Fund and the Bitwise DeFi Crypto Index Fund. The DeFi index fund is the primary of its sort.
“Skilled traders worth index funds as a result of they supply publicity whereas delivering peace of thoughts that the technique shall be managed and rebalanced because the class evolves,” mentioned Bitwise CEO Hunter Horsley.
Common Cryptocurrency Index Funds
Bitwise’s 10 Crypto Index Fund not too long ago surpassed $900 million in AUM. It tracks an index of the top-10 largest cryptocurrency property. Some 75% of the entire crypto market cap are accounted for within the index.
Whereas the Bitwise 10 Crypto Index Fund broadly covers crypto-assets, the Bitwise DeFi Crypto Index Fund is a bit more specific. It gives “sector” publicity to property like Uniswap and Aave, that hope to basically disrupt massive swaths of the present monetary system.
The index fund is a fairly new growth. It launched on Feb 17, 2021, and has seen sturdy preliminary demand.
“We’ve been impressed with how shortly the DeFi fund has resonated with traders,” mentioned Bitwise Chief Funding Officer Matt Hougan. “Buyers discover DeFi’s disruptive potential each thrilling and intuitive,” he added.
Over the Counter
Earlier this 12 months, Bitwise introduced that it has begun the regulatory course of to permit shares of its Bitwise Bitcoin Fund to commerce on OTCQX. If accepted, shares of the fund can be accessible on conventional brokerage accounts. That is already the case for the Bitwise 10 Crypto Index Fund.
“We’re tremendously excited to take the Bitwise Bitcoin Fund down the trail not too long ago taken by the Bitwise 10 Crypto Index Fund,” mentioned Bitwise President Teddy Fusaro.
Different cryptocurrency funds, other than the Bitwise 10 Crypto Index Fund, embody the Osprey Bitcoin Belief, which launched final month. Grayscale’s Bitcoin Belief (GBTC) has additionally been booming and has helped Greyscale to succeed in $25 billion AUM final month.
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