Bitwise Asset Management, a crypto asset management company, has opened access to the purchase of shares of the Bitwise 10 Crypto Index Fund through the OTC Markets Group.
Previously, it was only possible to buy shares of the fund directly from Bitwise and at par. However, any investors now have access to trading index fund shares through their brokerage accounts. The fund is traded on the OTC Markets Group platform under the symbol BITW and has been reviewed by the Financial Institutions Regulatory Agency (FINRA).
Note that stocks of Grayscale cryptocurrency funds have long been available on OTC markets. As Bitwise director of investments Matthew Hougan said, earlier the demand for such an offer among the company’s clients was not great. However, now financial advisors and professional investors want to invest in cryptocurrencies and the direct investment method is not very convenient for them:
“It’s too complicated, you need signatures, accreditation and so on. Especially for those who want to place hundreds of their clients in cryptocurrencies at 2% of their portfolios. We listened and worked with regulators for over a year to bring the Bitwise 10 Crypto Index Fund to the OTC market. ”
Recall that the funds invested in the fund are distributed among the ten largest cryptocurrencies in terms of capitalization. As of November 30, 75% of the fund’s funds were held in bitcoins, 13% – in air, and the rest of the funds were distributed between XRP, LTC, LINK, XTZ and other assets.
“Index funds have become the most popular way to invest in the stock market and we believe that the cryptocurrency industry will come to this,” said Hogan.
Earlier, Matt Hogan said that the cryptocurrency market is maturing quickly and interest in it from hedge funds and financial advisors is constantly growing.
