dailyhodl.com
Bitwise Asset Management just launched a new index fund which caters to investors specifically interested in altcoins.
The San Francisco-based firm’s new “Ex Bitcoin” offering includes popular cryptocurrencies such as Ethereum ($ETH), Cardano (ADA), and Bitcoin Cash (BCH), among others.
BTC’s total market capitalization of crypto has fallen from 69% to 41% in the past year while other tokens, such as $ETH, have seen their share of the cap increase by nearly 75%, according to TradingView.
Chief investment officer Matt Hougan explains,
“This launch is being driven by customer demand. Many investors today [already] have exposure to Bitcoin, but are excited by the dynamic developments taking place around other assets.
This new fund allows investors to complement their existing Bitcoin exposure with a professionally managed solution that captures other large-cap cryptoassets.”
The platform will provide investment opportunities in the fields of decentralized finance (DeFi), smart contracts, and non-fungible tokens (NFTs).
The full roster of the Ex Bitcoin fund is made up of Ethereum, Cardano, Bitcoin Cash, Solana (SOL), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), Polygon (MATIC), and Stellar (XLM).
Bitwise is world’s largest crypto index fund manager with over $1 billion in assets. This is the firm’s second major move into crypto management, having launched the first-ever crypto index fund for retail investors last December.