Bitwise Crypto Fund Launches Two New Investment Products
California-based Bitwise Asset Management on Wednesday announced the launch of two new cryptocurrency funds designed to attract new investors to its proposal. Writes about this The Block.
The Bitwise Bitcoin Fund and Bitwise Ethereum Fund will complement the already functioning Bitwise 10 Private Index Fund, which includes the largest digital assets. Bitwise said its clients have been asking to release tools that will allow them to invest in selected cryptocurrencies. “The 68% drop in the price of bitcoin this year has given investors a unique opportunity to enter the market at prices that many would not have expected to see,” said CEO Hunter Horsley..
While the funds are intended to provide an increased level of liquidity in the market, access to them will only be provided to accredited investors. Bitwise probably sees itself as a competitor to Grayscale, one of the oldest funds in this market, which provides its clients with access to Bitcoin and Ethereum through its own tools..
However, unlike Grayscale, whose investors are forced to hand over their money to the company for a full year, Bitwise allows clients to enter and exit positions on a weekly basis. Grayscale charges 2% on investments in the Bitcoin Investment Trust, while Bitwise charges 1.5% on smaller clients and 1% on large.
In February, Bitwise VP Matt Hogan announced that cryptocurrency market capitalization will grow to $ 1 trillion this year..
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