$500 Million In Cryptocurrency Are Now Managed By Bitwise

 

Crypto asset management, Bitwise, said that today, with the sum now standing at $500 million, it has reached a significant milestone in cryptocurrency assets under management (AUM).

The San Francisco-based company said the highest demand has been shown by its 10 Crypto Index Fund, a tool that monitors the market valuation of the top ten cryptocurrencies, recently crossing over $400 million in AUM.

During the end of 2020, Bitwise saw record inflows into its funds, exceeding the total combined cumulative inflows of 2018 and 2019 as investors bet on both top-ranked coins and the crypto space as a whole. Due to the growing demand from skilled investors including hedge funds, financial advisors, and multi-family offices, the digital asset manager was able to achieve this milestone.

The first publicly listed crypto Index has recently been introduced in America to bring the rich management industry into the field of cryptocurrencies.

Hunter Horsley, the co-founder, and CEO of Bitwise, in a statement, said:

“The speed at which professional investors are moving into crypto right now is remarkable. While adoption of crypto as an asset class and conviction around its role in portfolios rapidly expands, we continue to urge all investors to consider the risks associated with investing in cryptocurrencies in general and the Bitwise Funds in particular”. 

In Bitwise’s crypto index fund, the Bitwise 10 Crypto index fund, Bitcoin, Ethereum, and Litecoin monitors 10 of the most relevant crypto – assets. The market for all Bitwise goods was the highest and their overall management assets were up to $400 million.

As well as the Bitwise Bitcoin Fund, there was a rising demand in the Bitwise Ethereum Fund, which demonstrates that Bitcoin does not only have an increasing appeal to professional investors. In the last quarter of 2020, the influxes into Bitwise funds have exceeded all combined total influxes in 2018 and 2019 https://www.bitcoincircuit.biz/.

The increased demand is mainly from the central audience of Bitwise, including “investment experts, including financial advisers, hedge funds, corporate balances, and other corporate investors,” says the company. CIO Matthew Hougan told Decrypt before that he intended to build the FTSE 100 of crypt space in Bitwise.

While no fund is associated with the Bitwise 100 Total Market Crypto Index, held for scholarly and analysis purposes, at 4 pm XRP is excluded from the index. ET, the Chief Income Officer of Bitwise, Matt Hougan told CoinDesk today.

He clarified that the Bitwise 100 puts together holdings from the Bitwise 10 Big Cap Crypto Index, the Bitwise 20 Mid Cap Crypto Index, and the Bitwise 70 Small-Cap Crypto Index. Grayscale Investments Digital Asset Manager has not responded to a press time request for feedback.

A New York-based company owned by Digital Currency Corporation, a CoinDesk parent company, is now selling an XRP Trust to investors modeled on the Grayscale Bitcoin Trust. After its inception, the XRP trust has decreased in value by more than 80 percent, according to a July 2020 survey.

The vehicles from both Bitwise and Grayscale are intended for licensed buyers only and have access to crypto price gains without having to keep the underlying properties.

Bitwise Asset Management is a leading index and beta crypto fund company. Built-in San Francisco and made up of several companies such as Facebook, Google, Wealthfront, BlackRock, Fidelity, Deutsche Bank, IndexIQ, and ETF.com, Bitwise blends technological expertise with decades of conventional asset management and indexation.

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