Bitwise Asset Management (the “Fund”) is pleased to announce the launch of the Bitwise HOLD 10 Cryptocurrency Index Fund (USDC), a rules-based, passively managed fund that seeks to track the performance of the broad market capitalization of ten largest cryptocurrencies.
Bitwise Asset Management announced the launch of the Bitwise Crypto Industry Index Fund, a fund designed to provide exposure to the performance of a basket of leading cryptocurrencies.
An exchange-traded fund that tracks 30 companies in the cryptocurrency market began trading on Wednesday on the New York Stock Exchange.
According to Bitwise’s website, the BITQ index is the first “crypto-only” ETF that track’s the performance of firms including Coinbase, MicroStrategy, and Galaxy. The fund is market weighted and represents a simple way for investors to gain exposure to cryptocurrency. Coinbase ($COIN) making up the most of the fund’s weighting at 9.56%. Other components include miners like Riot Blockchain and Canaan.
Matt Hougan, CIO of Bitwise, said during a press statement:
After a period of rapid growth in the first quarter of this year, crypto stocks have seen their performance flatten out for the past month. Trading of Coinbase shares has been halted twice this week, including for more than an hour on Thursday.
The Winklevoss twins have filed with the SEC to create a Bitcoin ETF that the public would be able to purchase. This has yet to be approved, however, if approved this would allow for easier access to Bitcoin and allow for greater collaboration within the community.
Bitwise had previously sought approval from the SEC to launch such a fund, but the corporate withdrew its application with the SEC earlier this year.