Bitwise Asset Management announced it has launched the ‘Bitwise 10 ex Bitcoin Crypto Index Fund’. According to a press release published on 9 September, the new fund is the world’s first large-cap crypto index fund designed to provide investors with exposure to the crypto industry beyond just Bitcoin.
The new fund will hold nine out of the 10 cryptocurrencies that make up Bitwise’s flagship 10 Crypto Index Fund, excluding Bitcoin. The assets in question range in market cap from $8 billion to over $427 billion and include the assets the company believes play a fundamental role in the rapidly emerging DeFi industry.
Ethereum (ETH), Cardano (ADA), Solana (SOL), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), Polygon (MATIC), and Stellar (XLM) will be included in the fund.
Matt Hougan, the Chief Investment Officer of Bitwise Asset Management, said that the launch was driven by customer demand.
“Many investors today have exposure to bitcoin but are excited by the dynamic developments taking place around other assets,” he explained in the company’s press release. “This new fund allows investors to complement their existing bitcoin exposure with a professionally managed solution that captures other large-cap crypto assets.”
The new fund will be available to accredited investors as a private placement and will come in two share classes — Investor Shares and Institutional Shares. Investor Shares come with a $25,000 minimum and charge a 2.5% expense ratio, while Institutional Shares have a $1 million minimum and charge a 2% expense ratio. The assets in the fund will be held by Coinbase Custody.