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Bitwise launches first private cryptocurrency index fund

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Bitwise Asset Management has launched its first cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, following the closing of a USD4 million seed round.

Bitwise received backing from a range of institutional investors including Khosla Ventures via Keith Rabois, General Catalyst via Hemant Taneja, Blockchain Capital, David Sacks, Naval Ravikant, Suna Said, Adam Ludwin, Adam Nash, Elad Gil, Avichal Garg.
 
“As cryptocurrencies become more mainstream, a private index fund, like Bitwise, is an incredibly important step to simplifying the complexities in the space and making it more accessible,” says investor Keith Rabois. “The Bitwise founders have done an exceptional job bringing world-class crypto experts onto their team to create a long-lasting financial institution.”
 
The Bitwise HOLD 10 Private Index Fund holds the top-10 most valuable crypto-assets, selected and weighted by market capitalisation. The fund rebalances monthly, capitalises on hard forks and airdrops, and is a low-cost way to gain exposure to the emerging crypto asset class. November was a powerful demonstration of the value of indexing this asset class: While Bitcoin was up and impressive 58 per cent, other top 10 coins like Monero and Dash were up more than 100 per cent. As a result, the HOLD 10 Index outperformed Bitcoin (up 64 per cent vs 58 per cent) while exhibiting 37 per cent lower volatility. Year-to-date, the HOLD 10 Index is up over 1800 per cent.
 
“While interest has been growing significantly, crypto-assets are still in the early stages of adoption and development as an asset class. Access to the category is still difficult and limited,” says Bitwise CEO Hunter Horsley. “According to a recent survey by Harris Poll, on behalf of Blockchain Capital, less than 2 per cent of individuals own Bitcoin. However, interest is significant, with 19 per cent of respondents indicating they’re likely to buy Bitcoin in the next five years. Interest is even higher, at 32 per cent, among millennials.”

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