Bitwise Asset Management has unveiled new crypto funds due to clients? demand. The company made the announcement on Wednesday that it had acted on customers? interest to have more Crypto funds to complement the existing offerings. The new funds, Bitwise Bitcoin Fund and the Bitwise Ethereum Fund as their names suggest will allow investments in Bitcoins (BTC) and Ethereum (ETH) respectively.
Bitwise Rising Amidst industry?s plunge
One would assume that with the current plunge in cryptocurrency prices investors would be wary of the sector but evidently that is not the case with Bitwise users. In the contrast, according to the company?s announcement, ?The launch of the funds is driven by inbound client interest and investor dissatisfaction with existing options, many of which carry premiums, charge exit fees, have lockups, and/or charge expenses to the fund outside the stated management fee.?
The company?s CEO Hunter Horsley made the observation that the current 68% drop in bitcoin prices has been a blessing in disguise to Bitwise as new clientele are joining the crypto bandwagon now that it is affordable.
The company announced that as of Wednesday, 2 share classes for the recently unveiled funds will be available for investment. The first package targeted for institutional investors with deep pockets has ?an all-in expense ratio of 1.0% and a minimum investment of $1 million.? The second class for retail investors has an all-in expense ratio of 1.5% with the least acceptable investment of $25,000. The company will allow for subscriptions and redemptions every Wednesday. Investors will not be billed lockups, withdrawal and performance fees.
Company?s existing Offerings
The recently launched funds will add to the company?s existing offerings including the broad-market Bitwise 10?Private Index Fund that tracks the performances of 10? biggest altcoins of; BTC, XRP, ETH, XLM, BCH, EOS, LTC, ZEC, XMR, and DASH.
Aside from the Bitwise 10 Index, the company offers 3 other indices together with one it operates in partnership with Morgan Creek Capital Management ? Digital Asset Index Fund which tracks cryptos like BTC, ETH, BCH, EOS, LTC, ZEC, XMR, DASH, IOTA, and NEM.