Bitwise Launches Bitcoin, Ethereum Beta Funds to ‘Capitalize’ on Market Downturn

December 6, 2018
73 Views

Digital asset manager Bitwise has launched two new beta funds for Bitcoin and Ethereum, both pitched as an opportunity for investors to “capitalize” on the bear market.

Digital asset manager Bitwise has launched two new beta funds for Bitcoin (BTC) and Ethereum (ETH), according to a press release Dec. 5.

The launch of the new products reportedly aims to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets, currently trading 81 and 92 percent respectively below their all-time highs.

As per the press release, the funds will not charge premiums, exit fees, impose lockups, nor charge extra expenses “outside the stated management fee.” Investors’ holdings will reportedly be kept in cold storage wallets held by an unnamed “institutional third-party custodian,” and Bitwise says it will provide clients with K-1 tax documents each year.

Matt Hougan, global head of research for Bitwise, has contextualized the launch of the new funds as being driven by “significant inbound demand” spurred by part “positive developments on the horizon.” These, he outlined, include “the forthcoming “launch of the Bakkt bitcoin futures exchange from ICE, the launch of Fidelity Digital Assets, and the continued movement of institutional investors like Yale University and Stanford University into the crypto space.”

In December of last year, Bitwise raised $4 million in seed funding from major names in venture capital such as Naval Ravikant and Elad Gil.

As reported this summer, Bitwise has also filed with the U.S. Securities and Exchange Commission (SEC) to launch a regulated multi-cryptocurrency exchange-traded fund (ETF), which has been designed to include ten cryptocurrencies. If approved, the ETF would track the Bitwise HOLD 10 Private Index Fund that was founded last November.

Multiple U.S. crypto-related ETF proposals –– most of which focus on Bitcoin (BTC), rather than being multi-cryptocurrency –– are still currently under review by the SEC. Just last week, the SEC published a memorandum from its latest meeting with U.S. investment firm VanEck and blockchain software and financial services company SolidX, whose joint application for a Bitcoin ETF was first submitted his June.

You may be interested

Blockfi Launches High-Interest Crypto Lending Program in India
Bitcoin
14 views
Bitcoin
14 views

Blockfi Launches High-Interest Crypto Lending Program in India

btcethereumadmin - April 25, 2019

US-based Blockfi has expanded into India, offering a high rate on its interest-bearing account for two cryptocurrencies. News.Bitcoin.com talked to…

How to Use Bitcoin.com’s New Point-of-Sale Solution — Bitcoin Cash Merchant
Crypto News
9 views
Crypto News
9 views

How to Use Bitcoin.com’s New Point-of-Sale Solution — Bitcoin Cash Merchant

btcethereumadmin - April 25, 2019

During the third week of April, Bitcoin.com released a new point-of-sale (PoS) service called Bitcoin Cash Merchant for Android operating…

Binance Singapore Launches But Offers Just One Trading Pair, Report
Bitcoin
46 views
Bitcoin
46 views

Binance Singapore Launches But Offers Just One Trading Pair, Report

btcethereumadmin - April 25, 2019

Users of Binance’s new Singapore platform are reportedly only able to purchase bitcoin using Singapore dollars during the “soft launch.”…

Leave a Comment

Your email address will not be published.