Crypto Fund Manager Bitwise Created Two New Funds
Bitwise Asset Management, a crypto company based in California, has announced today, December 5, that the company would launch two new crypto funds and that they would be the new attractions of the company, which were launched because the investors were asking a lot for them.
The two new funds created by the company will be called Bitwise Ethereum Fund and the Bitwise Bitcoin Fund. As you may have guessed, each one is based on one of the top tokens in the market.
Bitwise previously had the Bitwise 10 Private Index Fund but now, attending to the wishes of the clients, it has started two more. Despite all the trouble that is currently being caused by the bear market, investors are still keen on investing in these assets.
Also, some of them consider that the down in the prices of more than 68% in a single year opens a unique opportunity for investors as these prices will “never be seen again”. Hunter Horsley, the CEO of Bitwise, has affirmed that many investors are looking for profit in 2019 or 2020 from investing in Bitcoin or Ethereum right now as they have a very bullish instance.
Part of the idea of these funds is to provide more liquidity to the other products and offerings of the company in the market. Unfortunately, due to the regulation of the United States, they will only be available for accredited investors.
Competing With Grayscale
It is clear that Bitwise is now positioning to face Grayscale, another one of the earliest crypto fund managers in the market. The company has Bitcoin and Ethereum options for funds, but their products require a one-year lock-up period, something that Bitwise does not intend to do at all.
Also, Bitwise intends to charge fewer fees from its customers. While Grayscale has a 2% fee on its Bitcoin Investment Trust, Bitwise will charge only 1.5% (and only 1% for really large institutional clients).
Despite the trouble that simply drew retail investors away from the market, institutional investors are more and more keen on investing in crypto assets. This is making the market really attractive to them as it looks like Bitcoin is almost hitting rock bottom and, even if the asset loses value, it will still raise a lot in the future.
This is, actually, one of the main reasons why many investors are sure that they are playing their cards right by entering now: so much interest in crypto assets by big players will inevitably end the bear market for a long time.