Bitwise Asset Management has launched the Bitwise 10 Crypto Index Fund (BITW), an open-ended publicly traded statutory trust available for investors who want exposure to a diversified group of cryptocurrencies including Bitcoin, Ethereum, and others.
The fund debuted Wednesday on the OTCQX, the top tier of the over-the-counter (OTC) market, with approximately $120 million in assets at just over $25 a share. By late afternoon, it was trading just under $31 a share. The fund has an expense ratio of 2.5 percent and is available for purchase through traditional brokerage accounts at Schwab, Fidelity, and other firms.
The Bitwise 10 Crypto Index Fund tracks the Bitwise market-cap-weighted index of the 10 largest crypto assets, which are screened for liquidity, custody, and other risks and re-balanced monthly, according to Bitwise.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
