Bitwise Asset Management, manager of the first cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, has appointed ETF industry veteran Matt Hougan as Vice President of Research & Development.
Hougan (pictured), was previously CEO of Inside ETFs, and before that, CEO of ETF.com. He is a three-time member of the Barron’s ETF Roundtable and co-author of the CFA Institute’s monograph on ETFs, “A Comprehensive Guide to Exchange-Traded Funds.”
“It’s incredibly exciting to have a leader like Matt Hougan joining the exceptional team at Bitwise,” says Spencer Bogart, partner at Blockchain Capital, an investor in Bitwise. “As cryptoassets come into the mainstream, investors increasingly want access to rules-based beta options. Matt’s expertise in indexing, exchange-traded products, and institutional research complements the team’s expertise in software, and will help Bitwise continue to be a best-in-class partner to investors.”
Matt joins Bitwise on the heels of the launch of its first fund late last fall. The Bitwise HOLD 10 Private Index Fund holds the 10 largest cryptoassets, currently capturing around 80 per cent of the market. In its first two full months since launch, the HOLD 10 substantially outperformed a concentrated investment in bitcoin alone, delivering a 45 per cent return versus 1.7 per cent return for bitcoin. That outperformance persisted across both bull and bear markets: In December’s bull market, bitcoin was up 39 per cent compared with 78 per cent for the HOLD 10, while January’s bear market saw bitcoin fall 27 per cent compared with 18 per cent for the fund.
“Having the opportunity to participate in the development of a potentially massive new platform or technology is rare,” says Hougan. “Bitwise is taking the right approach to the market, and I’m incredibly excited to join them as they navigate this rapidly growing space. The Bitwise team is extremely thoughtful, high-integrity and technologically oriented, and we have a unique opportunity to build a meaningful institution in the coming years.”
“Matt is an incredible resource and will play a key role in our mission to support crypto investors with high-quality, institutionally oriented investment products,” says Hunter Horsley, Bitwise’s CEO. “We look forward to working with him as we expand our offerings and capabilities in the years to come.”