RATE Group | Bitwise launches two new funds to capitalize on dip in cryptocurrency market
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Bitwise launches two new funds to capitalize on dip in cryptocurrency market

06 Dec Bitwise launches two new funds to capitalize on dip in cryptocurrency market

Posted at 02:04h in Cryptocurrency News by

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The downturn in U.S. stocks is nothing compared to the sell-off cryptocurrency traders are experiencing. Bitcoin plunged 5.2% Tuesday to $3,700, the lowest it’s been since November 2017, according to MarketWatch. Ether, one of bitcoin’s largest competitors, dropped even further.

At least one crypto-entrepreneur sees the dip as the perfect time to introduce new investment products for professional investors to get into the market. Bitwise Asset Management, a startup that recently earned the backing of Ric Edelman, announced Wednesday the launch of low-cost, liquid beta funds exclusively holding bitcoin and ether.

The funds, Bitwise Bitcoin Fund and Bitwise Ethereum Fund, are only available to U.S.-accredited investors. The Securities and Exchange Commission has not yet approved the trading of cryptocurrency index funds for retail investors.

The funds are available in two share classes. Institutional shares have an all-in expense ratio of 1% and a minimum investment of $1 million….

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