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Bitwise Opens Two New Crypto Funds to Capitalize on Current Bear Market
Bitwise, the very first cryptocurrency index fund, has launched two crypto-oriented funds. The move is rather unexpected given that the whole market remains in the doldrums.
Capitalizing on the crypto rout
The California-based startup, which is considered to be the very first crypto index fund in the world, has made an announcement about rolling out two brand-new funds that are specifically designed for holding Bitcoin and Ethereum. Hunter Horsley, the CEO of Bitwise, claims that it’s a perfect time to seize the opportunity since prices are at their yearly low. That explains a spike in demand among investors who are willing to pour money into crypto despite the prolonging crypto rout. Bitwise’s poll states that 83 percent of financial advisers have clients who are interested in cryptocurrencies.
The fund strives to tackle the problem of liquidity in the market. However, Bitwise will exclusively focus on accredited investors (high net worth individuals (HNWI) as well as banking institutions and insurance companies).
A brewing battle
Bitwise is poised to face harsh competition from Grayscale Investments, one of the first cryptocurrency funds that appeared on the market back in 2013. On Nov. 1, Grayscale made waves in the crypto space with its digital asset investment report — they managed to raise $329.5 mln this year despite a brutal downfall of Bitcoin and other major altcoins. Obviously, it is a clear indicator of a growing demand among institutional investors. Nevertheless, Coinbase shelved its cryptocurrency index fund in October after ‘assessing demand from investors’.
In the press release, Bitwise emphasizes the fact that there will be no lockups (Grayscale has a mandatory one-year lockup period). On top of that, Bitwise offers lower fees than Grayscale (1.5 percent and 2 percent, respectively). Will it be enough to rival the crypto behemoth?
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