Bitwise, a leading cryptocurrency fund manager, announced another major milestone on Tuesday when the assets under management of its digital asset funds topped $ 1 billion for the first time.
The Bitwise 10 Crypto Index Fund, which offers diversified exposure to Bitcoin (BTC) and other leading cryptocurrencies, accounts for over 90% of total AUM.
Hunter Horsely, CEO of Bitwise, said the crypto industry is at a “turning point” in terms of adoption. He explained:
“We see increasing demand for crypto from professional investors and financial advisors. […] Professional investors value index funds because they offer exposure while knowing that the strategy will be managed and rebalanced as the category evolves. “
The asset manager also reported growth across its family of funds, including its re-launched DeFi Crypto Index Fund, which gives the sector exposure to decentralized finance projects. The DeFi fund includes cryptocurrencies such as UNI from Uniswap, LEND from Aave, Synthetix Network Token (SNX) and MKR from Maker.
On the subject of DeFi fund growth, said Matt Hougan, Bitwise’s chief investment officer, “Investors find DeFi’s disruptive potential both exciting and intuitive.”
Bitwise’s net worth has doubled since the fourth quarter of 2020 as more and more investors seek broad exposure to digital assets. Professional investors are entering the market in greater numbers as the “career risk” associated with cryptocurrencies has decreased.
Earlier this month, Bitwise filed with the US Securities and Exchange Commission the intention to launch a new Crypto Innovators Fund. The fund seeks to track the performance of the still-evolving Bitwise Crypto Innovators Index, which is composed of companies that generate more than 75% of their revenues from the digital assets sector.
