TL:DR Breakdown:
- Bitwise 10 crypto index fund has been listed on a US stock market, OTCQX.
- The Fund tracks the market cap of the ten largest cryptos. This will provide investors access to the crypto, combined.
Bitwise, one the leading digital currency fund manager, is making investing in cryptocurrencies more convenient following the listing of its Bitwise 10 Crypto Index Fund on the US OTC Market Group or OTCQX. It’s worth noting that crypto companies, especially the fund managers, have been working to make cryptocurrency accessible to several investors in a risk-mitigated manner.
Recently, a Canadian investment fund manager, 3iQ announced that its Ethereum Fund was set for listing one of the largest global stock exchanges, the Toronto Stock Exchange (TSX).
Bitwise provides access to Bitcoin, Ether via new crypto index fund listing
The Bitwise 10 Crypto Index Fund, which is already tradeable on the OTCQX as BITW, tracks and represents the market valuation of the ten largest digital currency. These cryptocurrencies, which includes Bitcoin and Ether, accounts for about 80 percent of the entire value in the crypto market. While commenting on the benefit for the crypto index fund, the founder of Bitwise Asset Management, Hunter Horsley, said:
“With BITW, investors can now get exposure to Bitcoin, Ethereum, and other cryptocurrencies without trying to pick winners or having to constantly monitor the rapid changes in the space.”
Bitwise reported that it already sees about $120 million in assets under management (AUM) from the crypto index fund. The company noted that the Fund is audited on a yearly basis, and all the cryptocurrencies are completely stored by a regulated custodian. On November 30, the Fund was up by more than 180 percent, surpassing the standalone performance of Bitcoin.
3iQ fund on TSX
On December 4, 3iQ announced that its Ether Fund was approved for listing on the largest stock market in Canada, which would provide investors with risk-mitigated access to the second-largest digital currency with more than $60 billion in valuation. The product will launch on the exchange in the form of an IPO.
