Blockchain, bitcoin and other cryptoassets suffered a difficult 2018, with some assets down 80% of more. But as 2019 approaches, and firms like Fidelity and the NYSE’s parent company launch major crypto platforms, could the tide be turning?
On the upcoming webcast, The Outlook for Crypto in 2019 (And What Financial Advisors Are Doing About It), Matt Hougan, Global Head of Research at Bitwise Asset Management, will examine the state of the cryptocurrency universe, unveil data from their new survey on financial advisor attitudes towards crypto, and examine the outlook for crypto and blockchain in 2019.
Bitwise Asset Management, the creator of the world’s first cryptocurrency index fund, recently launched two new low-cost, liquid beta funds, holding bitcoin and ethereum exclusively.
The Bitwise Bitcoin Fund and the Bitwise Ethereum Fund are the second and third strategies in the Bitwise fund family, joining the broad-market Bitwise 10 Private Index Fund. The launch of the funds is driven by inbound client interest and investor dissatisfaction with existing options, many of which carry premiums, charge exit fees, have lockups, and/or charge expenses to the fund outside the stated management fee.
The Bitwise Bitcoin Fund holds bitcoin and aims to capture the total returns available to investors in the world’s largest cryptoasset, including any meaningful hard forks and air drops. The Bitwise Ethereum Fund does the same for ether. Funds safeguard holdings in 100% cold storage with an institutional third-party custodian, and prepare simple K-1 tax documents for investors each year.
The funds are available today in two share classes: Institutional Shares have an all-in expense ratio of 1.0% and a minimum investment of $1 million, while Investor Shares have an all-in expense ratio of 1.5% and a minimum investment of $25,000. Investors can come in and out of the fund weekly, with no lockups, withdrawal fees, or performance fees. The funds are open to U.S.-accredited investors.
The launch comes as cryptocurrency investors are awaiting the approval of a Bitcoin exchange-traded fund (ETF) from the Securities and Exchange Commission (SEC). With cryptoassets under the scrutiny of a regulatory organization like the SEC, it would help digital currencies obtain wider acceptance by the general investing audience.
Financial advisors who are interested in learning more about the cryptocurrency market can register for the Tuesday, January 15 webcast here.