Bitwise Asset Management, a provider of cryptocurrency index funds to professional investors, announced Wednesday that its 10 Crypto Index Fund is now available to U.S. investors as a public-traded cryptocurrency index fund.
After a Form 211 for quotation of the fund’s shares were reviewed by the Financial Industry Regulatory Authority (FINRA), the Bitwise 10 Crypto Index Fund was enabled to be listed on the over-the-counter markets and trades under the ticker symbol “BITW,” the company said in a news release.
Shares of the fund will be tradable through traditional brokerage accounts and the assets will be custodied with Coinbase Custody Trust Company.
The fund will track the Bitwise 10 Large Cap Crypto Index, a diversified, market-cap-weighted index of the ten largest cryptocurrencies. As of Nov. 30, the fund held approximately 75% bitcoin and 13% ethereum. According to Hunter Horsley, co-founder and chief executive of Bitwise, this gives investors exposure to cryptocurrencies “without trying to pick winners or having to constantly monitor the rapid changes in the space,”
“BITW is designed for financial advisors,” Matt Hougan, Bitwise’s chief investment officer, said in an email response to CoinDesk. “Financial advisors are eager for a safe and easy way to allocate to crypto for clients.”
The news came after the company failed its attempts to win approval from the U.S. Securities and Exchange Commission for a bitcoin-focused exchange-traded fund.
While many exchange traded fund (ETF) efforts have focused around bitcoin only, Hougan said that having a crypto index fund gives investors exposures to other cryptocurrencies, with several…
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https://www.coindesk.com/bitwise-crypto-index-fund-us-investors
