In Brief:
- Bitwise’ launched ‘Ex Bitcoin’ index fund for the submission of Bitcoin.
- It is world’s first ‘Ex Bitcoin’ Crypto Index Fund.
- Coinbase Custody to hold all the assets of the fund.
The world’s largest crypto index fund manager, Bitwise Asset Management launched the world’s first ‘Ex Bitcoin’ Crypto Index Fund to attract investors, specifically those investors who are interested in Altcoins. Bitwise is one of the world’s largest and prominent index fund managers. This fund seeks to track the Bitwise 10 ex Bitcoin Large Cap Crypto Index.
This fund will help to give exposure to the projects and development which are taking place in the cryptomarket. Last year, The share of Bitcoin in the crypto market took a sharp downfall. It fell from 69% to 42%, where other crypto assets like Ethereum, Cardano, and Solana have risen from their base value.
The Bitwise 10 ex Bitcoin Crypto Index carries 9 out of 10 cryptocurrencies, which can make up a $1+ billion flagship, excluding Bitcoin. Currently, these assets are capitalizing the market from $8 billion to $427 billion and contain many crypto assets, which are playing a pivotal role in Defi, NFT, and smart contracts.
The list of the 9 cryptocurrencies included in this fund is Ethereum, Cardano, Solana, Bitcoin cash, Chainlink, Litecoin, Uniswap, Polygon, and stellar.
Solana making its position in the Bitwise Index Fund is a major milestone for it. It has rallied significantly and become the sixth-largest crypto by market cap. Recently, Osprey Fund also launched Osprey Solana Trust for private placement giving exposure to SOL.
“This launch is being driven by customer demand,” said Matt Hougan, Chief Investment Officer of Bitwise Asset Management. “Many investors today have exposure to bitcoin but are excited by the dynamic developments taking place around other assets. This new fund allows investors to complement their existing bitcoin exposure with a professionally managed solution that captures other large-cap crypto assets.”
Bitwise note that it will monitor all these altcoins on parameters of “liquidity, custody, and regulatory risks”. Bitwise has picked Coinbase Custody to hold all the assets of the fund.
The firm seeks partnerships with Investment professionals, institutional investors, financial advisors, multifamily offices, and high net worth individuals.
