Bitwise HOLD 10 Index ETF
July 31 2018 - 1:02PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
July 31, 2018 -- ADVFN Crypto NewsWire -- Bitwise HOLD 10 Cryptocurrency
Index Fund became the world's
first privately-offered cryptocurrency index fund on November 22,
2017. Bitwise Asset Management filed a registration statement on July 24th, 2018 to make it the first
publicly-offered cryptocurrency index exchange-traded fund (ETF).
The portfolio was designed by their subsidiary, Bitwise Index
Services, which specializes in developing indexes and conducting
research on cryptocurrencies.
“By holding a diversified portfolio
of the world’s largest cryptocurrencies, the Index provides
investors with exposure to the cryptocurrency market while
minimizing investment-analysis and administrative
costs.”
HOLD 10
Index
It is an open-ended private
placement vehicle that is open to accredited investors and offers
weekly liquidity. The index is a market-cap-weighted index of the
10 largest cryptocurrencies, rebalanced monthly, and captures
approximately 80% of the total market capitalization of the
cryptocurrency market in the 10 coins. It utilizes a 5-year-diluted
market cap and other criteria to address the challenges of the
cryptocurrency space such as continuously changing supply,
liquidity, trade volume concentration, custody limitations and
volatility.
“Our research shows that an
index-tracking basket of multiple cryptocurrencies behaves
differently than a single coin.”
Bitwise Asset
Management
The firm was founded in 2017 and
works only with cryptocurrency. Their leadership is filled with the
experience needed to bring cryptocurrency to institutional
investors as ETFs.
-
Hunter Horsley CEO - Prior
Product Manager at Facebook and Instagram where he led monetization
efforts from 2015 to 2016. Wharton School graduate, BS in Economics in
2015.
-
Paul Fusaro COO - Prior Senior VP
and Head of Portfolio Management and Capital Markets
at IndexIQ (ETF issuer unit of New
York Life) from 2008 for a suite of alternative strategy ETFs,
Mutual Funds, and Separately Managed Accounts. VP of Portfolio
Management and co-head of Trading and Operations at Direxion
Investments from 2009. Equity derivatives and credit derivatives
trading at Goldman Sachs before that.
-
John T. Hyland CFA - Prior CEO of
PointBreak ETFs from May 2015. Chief Investment Officer of United
States Commodity Funds from 2005.
“Our view is that this new area has
many similarities to the introduction 10 to 15 years ago of
commodity ETFs. At that time, we saw the launch of single-commodity
ETFs tracking gold, silver, crude oil, and other commodities, as
well as ETFs tracking diversified commodity index baskets. We see a
lot of similarities here."
By: BGN Editorial Staff
News:
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Bitwise HOLD 10 Index
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