US Counsel Hints Bitwise & VanEck bitcoin ETF proposals On SEC’s Way

Bitcoin ETF, the very hot topic since late 2018 is on way to SEC’s final decision. According to the latest SEC’s announcement and the tweet by Jake Chervinsky who serves as Defense Counsel in the U.S hints that SEC’s decision for pending Bitwise and VanEck Bitcoin ETF is near – the countdown begins.
To remind, the VanEck Bitcoin ETF was filed in conjunction with CBOE (Chicago Board Options Exchange) and resubmitted to SEC with few amendments in late Jan 2019. On the other hand, the Bitwise Asset Management’s ETF was filed with NYSE Arca and published the proposal in the Federal Register on Feb 15, 2019. However, SEC didn’t respond to any ETF yet, in fact, it had asked to withdraw ‘Reality Shares’ its ‘partial-bitcoin ETF’ a day after submission.
Furthermore, in the history of ETF until today, there’s no definite decision from SEC – but this time, the team has recently announced via ‘Federal Register’ that ‘BitWise and VanEck’ ETF proposals are under review. Means that on Feb 20, 2019, SEC announced that initial decision on ETF is on way and they have also initiated ‘countdown of 45 days’ to decide – whether the approval, rejection or extension.

In a similar regard, Jake Chervinsky – who quite often shares the status on SEC’s decision towards important crypto assets and proposals including ETFs – took to Twitter, notifying the sequel update as ‘the clock is running on ETF proposals’. His tweet goes as follows;

The clock is running on the new Bitwise & VanEck bitcoin ETF proposals. The SEC's current deadlines are April 1 for Bitwise & April 6 for VanEck.
Remember, the SEC can & likely will delay up to three times. The absolute final deadlines to watch are October 13 & 18 respectively.
— Jake Chervinsky (@jchervinsky) February 20, 2019

Counting the initial 45 days after the proposal formally published in the ‘Federal Register on Feb 20, the response would be expected to reveal after March 13. Furthermore, the US SEC would take another three weeks (ie. Expected April 5) to announce its decision. Notably, Jake clarified the SEC’s current deadlines for Bitwise is April 1 and for VanEck is April 6.
At the moment, any comment from both the firm is still not made public – stay tuned with Coingape to know more what would likely happen with ETF before the SEC finally revealed its decision.
The post US Counsel Hints Bitwise & VanEck bitcoin ETF proposals On SEC’s Way appeared first on Coingape.
Source: CoinGape

SEC could include Bitwise’s Bitcoin ETF in federal registers; proposal under review for approval

Since the turn of 2019, the SEC has been prominently involved in the sphere of cryptocurrencies with certain institutions reaching out for Bitcoin ETF approvals. To add to this, the recent remarks made by former SEC Commissioner Robert Jackson Jr, that it was only a matter of time before a Bitcoin ETF gets approval, has stirred a lot of attention towards the independent US government federal agency.
According to reports, the US Securities and Exchange Commission [SEC] have initiated the process of considering a rule change for listing the Bitcoin ETF proposal submitted by Bitwise Asset Management and NYSE Arca on February 11.
The proposal itself was published in the Federal Register on 15 February, which leaves the authorized personnel with 45 days to make the initial decision to approve, reject or further extend the proposal, even though the SEC will, in total, have a duration of 240 days to make the final decision on whether to approve or disapprove the proposal.
The Bitcoin ETF application was first put forward by Bitwise Asset Management in January 2019, but it could not get published in the Federal Register due to the US government shutdown. However, there has been a new turn of events now, as the proposal is now under review by the SEC.
According to the initial registration statement, the ETF would track the Bitwise Bitcoin Total Return Index, which takes the value of Bitcoin and any meaningful hard forks into account.
Moreover, what’s unique about Bitwise’s Bitcoin ETF is that the company wants its fund to be supported with spot prices from exchanges and physically settled futures contracts. This is different from any other BTC ETF that was proposed before, as previous ETFs were supported with cash-settled contracts.
According to the initial formal statement, the Bitwise ETF would track the Bitcoin Total Return Index, which will take the value of Bitcoin, and further significant hard forks into consideration.
Moreover, the company’s BTC ETF would want their fund to be supported with spot prices from exchanges and physically settle future contracts. This sets the company’s ETF apart from the earlier BTC ETFs that were put forward and supported with cash-settled contracts.
Bitwise’s global head of Exchange-Traded Funds, John Hyland, painted an optimistic image and seemed hopeful that the SEC will approve their Bitcoin ETF.
He stated,
“While there can be no assurance that the 19b-4 application will be granted or the SEC will review and ultimately accelerate the registration statement, we are optimistic that 2019 should be the year that a bitcoin ETF launches.”
The SEC has in the past turned down its approval for several Bitcoin ETF proposals. However, since SEC Commissioner Robert Jackson Jr’s statement, Hester Peirce, another commissioner at the SEC has come forward and offered optimism about the eventual approval of a Bitcoin ETF.
The news around Bitcoin ETFs have invited a lot of attention from crypto enthusiasts around the world who hope that a successful ETF will lead to an event which will help take the virtual currency out from the current bearish trend.
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Source: AMB Crypto

SEC Could Approve the First Bitcoin ETF in Next 45 Days as Review Process Begins

Well, after all the wait and drama surrounding the Bitcoin ETF, the US SEC has finally announced that it is beginning the process of reviewing Bitcoin ETF applications again and has picked up the Bitwise application for initial review.
SEC publishes Bitwise proposal in Fed Register on Feb 15
Are we in sight of a Bitcoin ETF? Well, there is every possibility as the U.S. Securities and Exchange Commission (SEC) announced it is moving forward with its process for the ETF approval and beginning to review the Bitcoin ETF rule change proposal filed by NYSE Arca and Bitwise Asset Management on Feb. 11. The proposal itself was published in the Federal Register on Feb. 15, starting the countdown of 45 days which SEC has to make its initial decision on whether to approve, reject or extend the proposal.
Even though NYSE Arca and Bitwise had filed the application at the start of 2019, there was no way ahead because of the US government shutdown. But all seemed to back on track now as the Federal Register has been amended on February 15th, 2019 marks the start of the much-awaited process.
The process of approval is still lengthy and has several roadblocks, Bitwise Bitcoin ETF has generated quite a lot of hype of being different which could get a nod from the SEC. The proposed ETF gets its valuation from physically settled Bitcoin futures contracts, something that has never been proposed before.
Bitwise’s global head of Exchange-Traded Funds John Hyland remains hopeful that the SEC will approve their Bitcoin ETF. His confidence is clearly visible when he was quoted saying
“While there can be no assurance that the 19b-4 application will be granted or the SEC will review and ultimately accelerate the registration statement, we are optimistic that 2019 should be the year that a bitcoin ETF launches.”
Bitwise was recently founded in 2017 and is headquartered in San Francisco. The firm’s team is made up of professionals with decades of asset management experience. Some of the firm’s members come from backgrounds such as Facebook, Wealthfront, BlackRock, NYLife Investments, IndexIQ, US Commodity Funds, Goldman Sachs, JPMorgan, and ETF.com.
The company has also pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the crypto asset space. Together, the firm features 4 best-in-class crypto indexes: Bitwise 10 Large Cap, Bitwise 20 Mid Cap, Bitwise 70 Small Cap, and Bitwise 100 Total Market. While many firms have attempted this previously, Bitwise has meticulously designed to follow a clear-set rule base that takes various factors into account
Will Bitwise ETF find the holy grail and be the first US SEC approved Bitcoin ETF? Do let us know your views on the same.
The post SEC Could Approve the First Bitcoin ETF in Next 45 Days as Review Process Begins appeared first on Coingape.
Source: CoinGape

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

CoinSpeaker

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

According to Ric Edelman, the founder of Edelman Financial Engines, ETFs will eventually meet the demands of the SEC and get the Commission’s approval.

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

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Source: CoinSpeaker

NYSE Arca Files a Request to Rule Changes Seeking for Bitwise Bitcoin ETF Approval

CoinSpeaker

NYSE Arca Files a Request to Rule Changes Seeking for Bitwise Bitcoin ETF Approval

NYSE Arca has completed the official documentation for the Bitwise Bitcoin ETF which is now pending the review of the SEC for further decision.

NYSE Arca Files a Request to Rule Changes Seeking for Bitwise Bitcoin ETF Approval

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Source: CoinSpeaker

Majority of US Investors are Waiting for Crypto ETFs, Bitwise’s Latest Survey Reveals

CoinSpeaker

Majority of US Investors are Waiting for Crypto ETFs, Bitwise’s Latest Survey Reveals

While crypto industry has dreamed of a Bitcoin ETF since at least 2013, and crypto companies were pushing it hard to get an approval, the SEC hasn’t given green light to any yet. What Bitwise explained is that the SEC are not against crypro ETFs at all.

Majority of US Investors are Waiting for Crypto ETFs, Bitwise’s Latest Survey Reveals

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Source: CoinSpeaker

SEC is not Against Crypto ETF – Bitwise Explains

Over the past couple of years, SEC has been ruthless in delaying and denying the Bitcoin ETF. But still the latest entrant in this race of Bitcoin ETF, Bitwise Asset Management feels SEC is not Anti Crypto but it usually takes time to approve the “first” ETF in every category that has appeared in front of it.
SEC wants to be absolutely sure before it gives investors access to crypto markets
Contributing to Anthony Pompliano’s blog, the team at Bitwise Asset Management have given some fantastic insights on SEC and it’s the regulators thought process on the Bitcoin ETF. Bitwise also gives some views on how the industry is anticipating the Bitcoin ETF and whether there is a need of one.
According to the post, the biggest misconception that the industry today is encountering while discussing the outlook for a crypto ETF is the belief that the SEC is fundamentally anti-crypto. The major reason for such a view for SEC comes from the fact that the regulator has had multiple delays in approving the first Bitcoin ETF. But if one looks at the history the every “first” in the ETF industry had to wait for multiple years before crossing the line. Bitwise list downs the “firsts” and the time each one has taken to cross it. It took

More than six years between the first filing for a leveraged ETF and the first SEC approval;
Nearly six years between the publication of the SEC’s first “conceptual release” on actively managed ETFs and the approval of the first active ETF;
Nine years between the launch of the first ETF and the launch of the first fixed-income ETF, despite significant efforts in the interim.

Even the relative faster approvals that came in for innovation, like self-indexing and commodities, it still took quite some time for the approvals to come in. According to the post
“The fastest major “first” may have been gold bullion, as it took “only” two years from idea to launch of the first U.S.-listed gold bullion ETF (ticker: GLD). That speed, however, had a cost: According to the Wall Street Journal, the World Gold Council spent $14 million developing the fund. Not to mention that gold is an asset that’s been around for thousands of years, or that a gold bullion ETF launched first in Australia.”
Looking at the facts that Bitwise has put forward, it looks like SEC may delay but will surely approve Bitcoin ETF, but only ones its queries are sorted and it has enough confidence that the investor interest is protected in this process.
When do think the first Bitcoin ETF will finally be approved? Do let us know your views on the same.
The post SEC is not Against Crypto ETF – Bitwise Explains appeared first on Coingape.
Source: CoinGape

58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund

58% of American investors would prefer to invest in Bitcoin via an exchange-traded fund (ETF), a formal survey found.
Conducted by Bitwise Asset Management, a San Francisco-based crypto hedge fund, the survey saw participation from 150 financial advisors in the US market. When asked what would make them allocate Bitcoin in their client portfolios, 54% of them said “better regulations” and 35% said “the launch of an ETF.”
Investors Looking for Easy Access to Bitcoin
Bitcoin’s value dropped by three-quarters in 2018. The retail investors that fueled the rally of the digital currency fled during the crash, leaving behind early-adopters and traditional firms to protect its remaining value. Now, there is an adequate supply of discounted Bitcoins available in the market, but with inadequate takers.
Meanwhile, in the same bearish year in 2018, more high profile investors started bridging the gap between crypto and traditional finance. The relationship between the two distinctive industries improved when:

CBOE and CME launched and settled the world’s first bitcoin futures;
Fidelity became the first Wall Street firm to offer cryptocurrency custody and trading services;
The endowment of prestigious US universities, including Harvard and Yale, included cryptocurrencies in their funds;
ICE-backed Bakkt announced the launch of the first regulated physical bitcoin futures;
Nasdaq announced that it would launch Bitcoin futures 2.0 in early 2019.

Such an institutional breakthrough could change the future course of Bitcoin, predicted financial experts from both mainstream and crypto space. A Bitcoin ETF, according to them, could serve as the stepping stone for a tropospheric crypto adoption among the mainstream investors.
“The answer is that ETFs are a well-understood construct that is plug-and-play with the existing software platforms, paperwork, processes, and workflows that professional investors and firms use,” wrote Bitwise in Anthony “Pomp” Pompliano’s Off the Chain newsletter. “At a 0.25%-10% allocation, crypto isn’t a deep focus of most investors, and most aren’t going to reinvent the wheel [just] to access it. They need it to be easy.”

The team at @BitwiseInvest dropped knowledge bombs in today’s free installment of Off The Chain newsletter.
Everything you need to know about crypto ETFs. Read it and learn https://t.co/SaMCVeLGbl
— Pomp (@APompliano) January 22, 2019

US Government Shutdown
Pomp, also a founder and partner at Morgan Creek Digital, also said that a true capitulation would happen when a Bitcoin ETF will get approved or when crypto regulations will become more transparent.
“I think our target from August of 2018 has been $3000, we came close once already, so we may just actually go back there or somewhere close,” he told BlockTV. “Along with that, over a long period of time, I tend to think that some of the bigger numbers that are thrown out will likely be accurate.”
Now, the ETF applications of both VanEck and Bitwise remain under review at the Securities and Exchange Commission (SEC). The US securities regulator would likely announce its decision the VanEck’s Bitcoin ETF by February 27. However, the ongoing government shutdown led by President Trump has furloughed 94% of SEC staffers. Bitwise believed that the political situation could prompt SEC to delay its decision on VanEck’s Bitcoin ETF.
“The likelihood of giving the filing a complete review is in doubt,” the company wrote. “Bitwise’s own filing is complicated by the shutdown as well.”
In the same breath, Bitwise maintained its optimism, saying that political delays would not impact the growth of the crypto ecosystem.
“Each day brings greater regulatory clarity, improving custody options, greater futures trading volume, more established exchanges and trading venues, and more widespread understanding,” it said.
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Source: New feedNewsBTC.com

Thanks US Shutdown: Why Bakkt and Others Will Likely be Delayed

CoinSpeaker

Thanks US Shutdown: Why Bakkt and Others Will Likely be Delayed

The ongoing government shutdown achieved a new milestone on Friday by hitting the record for the longest shutdown in US history. While all the spheres are negatively affected, this has laso put key developments in the crypto space on hold.

Thanks US Shutdown: Why Bakkt and Others Will Likely be Delayed

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Source: CoinSpeaker

Bitwise Invest 20 constitutes of 15.37% in Tron [TRX]

Bitwise Asset Management, the firm which launched the very first cryptocurrency index fund, updated their Bitwise 20 mid cap crypto index on December 10, 2018. The firm is also well-known in the space for its partnership with Morgan Creek Digital Assets.
The firm is in the spotlight because of the assets in the Bitwise Invest 20, which consists of 20 leading cryptocurrencies in the market. According to the latest updated, the Bitwise Invest 20 constitutes of 15.37% in Tron, the tenth biggest cryptocurrency by market cap, making it the biggest among all. The other top portions are divided as – 11.58% in NEM, 11.45% in IOTA, 9.66% in Ethereum Classic, and 5.48% in NEO. It also includes Dogecoin, Tezos, Decred, Bitcoin Gold, and Lisk.
This excludes all the cryptocurrencies in Bitwise 1o Large Cap Crypto Index, which consists of 10 cryptocurrencies. It constitutes of 66.38% in Bitcoin, 13.64% in XRP, 9.40% in Ethereum, 2.30% in Stellar, and 2.02% in EOS. The other cryptocurrencies are Bitcoin Cash, Litecoin, Monero, Dash and Zcash.
Mike Dudas, co-founder of Button says:
“I just looked at the 5 largest assets in the @BitwiseInvest 20 and want to cry “
Aditya Das, an alt-coin investigator says:
“I’m blown away by this… It has Bitcoin Gold, Lisk and largest chunk of the basket is TRX? Not even the most daring alt-coin trader would have a portfolio like this”
Starving meme artist, a Twitterati says:
“LOL they also have 5.26% Dogecoin and 4.2% BTG xD holy shit thats hilarious, 1/20th of this shit is fucking dogecoin”
Recently, the Chief Executive Officer of Bitwise, Hunter Horsley spoke about the cryptocurrency market crash, in an interview with Bloomberg. According to him, the plunge in Bitcoin’s price is the reason for the crash of the whole market.
Additionally, the CEO believes that the cryptocurrency market is in a bad place. He also stated that the cryptocurrencies trade is similar to that of the public equity, however, it behaves more like a venture stage phenomenon.
The post Bitwise Invest 20 constitutes of 15.37% in Tron [TRX] appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]’s current slump has not affected the number of investors coming in, says Bitwise CEO

Bitcoin [BTC] has been stuck in its price slump for the past couple of weeks after the bear market crash saw a lot of major coins slip from its price ladder. Despite the crash, there have been updates and developments from various players in the cryptoverse with Bitwise being the latest one.
Speaking to Bloomberg, Hunter Horsley, the Chief Executive Officer of Bitwise, spoke about the crash and the investor sentiment following it. Horsley stated that the current market was in a bad place and Bitcoin’s fall was the catalyst for the crash. He added that new people had entered into the crypto space, which is a sign for a developing ecosystem. The CEO went on to say:
“ If you look at the cryptocurrency market ever since the inception of Bitcoin, the cryptocurrency bubble has not burst. In the ten year history, the market has dropped significantly lesser than the S&P market.”
According to him, cryptocurrencies trade like public equity but acts more like a venture stage phenomenon. The Bitwise official further stated that client retention is a mixed bag as the company manages cryptocurrency funds and beta products. He said that almost 20 percent of the existing clients have increased their investments with more investors coming in. In his words:
“ A lot of people view the industry as bear market with the number of investors going up all year round. The investor demographic also shows that the type of investors have also changed.”
Horsley stated that earlier individual investors occupied a major share of the pie whereas right now the inflow is from the side of professional investors. He also mentioned that sophisticated investors like the fund format because it helps them think about the investment they want to make and Bitwise will take care of evaluating the custodian storing the assets.
Just this week, Bitwise had launched two new single asset funds: the Bitwise Bitcoin Fund and the Bitwise Ethereum Fund. The company had stated:
“The launch was driven by inbound client interest and investor dissatisfaction with existing options, many of which carry premiums, charge exit fees, have lockups, and/or charge expenses to the fund outside the stated management fee.”
The post Bitcoin [BTC]’s current slump has not affected the number of investors coming in, says Bitwise CEO appeared first on AMBCrypto.
Source: AMB Crypto

Bakkt, Fidelity, CME and CBOE have ‘positively positioned’ the future of cryptocurrencies, says Bitwise CEO

Bitwise’s chief executive officer, Hunter Horsley, spoke about the brutal dips taken by Bitcoin, which was ultimately mirrored by Ethereum [ETH], XRP, Tron [TRX] other cryptocurrencies, in an interview on Bloomberg.
He spoke about the importance of cryptocurrencies in the upcoming years and the entry of institutions, backed by the government, and how it could help improve and trigger the next bull run.
Horsley directed towards his firm [Bitwise] and said that investors, be it individuals or institutions, are investing in cryptocurrencies even though the market is undergoing a crash and that the people redeeming their investments are negligible as compared to the investors that are pouring in, to invest.
Furthermore, he said that the institutions or investors’ doubts or explanations about the current scenario/state of the market can be explained by the company or the custodian.
He continued:
“… it simplifies exposure, it’s you know, it’s much the same reason that the investors like investing in oil through ETFs or gold through ETFs, it takes away a lot of that complexity. what do you think? Obviously, this is a very competitive space, despite the continued slide, what do you think you’re offering that’s different from everyone else?”
Moreover, Horsely continued by stating that although the bear market has been brutal, more investors and enthusiasts are entering the space as they are getting acclimated with the underlying technology that cryptocurrencies bring to the table.
As a reason, he said that the cryptocurrency ecosystem has never felt more “positively positioned” than ever. He continued:
“So the beginning of next year, we’ll see Fidelity launch custody. The NYSE’s sister Bakkt will be launching futures and custody, CME is has launched features this year. CBOE and a number of others. So, I think they’re more participants than we’ve ever seen before and a lot of reason to be optimistic.”
The post Bakkt, Fidelity, CME and CBOE have ‘positively positioned’ the future of cryptocurrencies, says Bitwise CEO appeared first on AMBCrypto.
Source: AMB Crypto

Institutional Investors Still Interested? Bitwise Releases Bitcoin and Ethereum Funds

The creator of the world’s first cryptocurrency index fund has launched two liquid beta funds holding bitcoin and ether exclusively to address market demand. The Bitwise Bitcoin Fund and the Bitwise Ethereum Fund are available in two share classes, Institutional Shares and Investor Shares.
Bitwise Funds Open to Minimum Investment of $25,000 for Retail Investors and $1 Million for Institutionals
Bitwise Asset Management has broadened its fund family with the two new strategies which join the Bitwise 10 Private Index Fund. The Bitcoin and Ethereum funds are being promoted as a low cost alternative to current existing options which charge exit fees and other expenses.
Hunter Horsley, chief executive officer of Bitwise Asset Management, believes the 68 percent drawdown in bitcoin prices this year has given investors a unique opportunity to enter the market at very low prices.
“Though an ETF has not yet been approved, investors and advisors like the fund format because it’s professionally managed and simplifies access to best-in-class custody, trading, reporting, and tax preparation, and allows for the safe capture of events like hard forks and airdrops.”
The Bitcoin and Ethereum funds aim to capture the total returns available to bitcoin and ethereum investors, respectively, including hard forks and air drops. Bitwise holds the capital in cold storage with an institutional third-party custodian. The asset management firm offers an institutional offering, with an all-in expense ratio of 1.0% and a minimum investment of $1 million, and a retail offering, with an all-in expense ratio of 1.5% and a minimum investment of $25,000.
The cryptocurrency market has been down lately. Bitcoin trades below $4,000 and Ethereum lost the $100 handle. Matt Hougan, global head of research at Bitwise, says that institutional demand for bitcoin and ether funds is increasing, with some adding to their positions throughout the downturn and others using the opportunity to enter the market.
“With significant positive developments on the horizon, including the launch of the Bakkt bitcoin futures exchange from ICE, the launch of Fidelity Digital Assets, and the continued movement of institutional investors like Yale University and Stanford University into the crypto space, we have seen significant inbound demand for high-quality bitcoin and ether funds.”
The funds launched by Bitwise allow U.S.-accredited investors to come in and out of the fund weekly and charge no withdrawal or performance fees, or performance fees.
Bitwise is backed by a few leading names within the ecosystem, including Khosla Ventures,  Blockchain Capital, and Naval Ravikant. In late July 2018, chief executive Horsley told CNBC that the asset management firm was hopeful of launching its own cryptocurrency index ETF. The company filed a proposition to the SEC with that goal in mind. In that interview, Horsley added that his customers “like the index strategy” because they don’t get tied down to a single cryptocurrency.
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Abra Joins in Crypto’s Hottest Product Trend, Launches Index Token

As cryptocurrency companies seek alternative methods to bring new money into the market, a new trend in crypto products has emerged: cryptocurrency index funds.
Popular mobile Bitcoin and cryptocurrency wallet Abra has become the latest to hop on the bandwagon, and has announced a new crypto token weighted by the top 10 cryptocurrencies by market cap.
Abra Unveils BIT10 Crypto Index Token for Simple Investing
Abra has announced that they are launching the “world’s first” crypto index token, allowing users to gain access to 10 different cryptocurrencies with “one simple investment.”
Index investing is traditionally only offered to accredited investors with massive investment minimums, but Abra is making the BIT10 crypto index token available to retail investors with zero fees and a $5 minimum buy in. Abra is also placing no restrictions on transaction frequency, or buying windows, making the product ideal for fickle or uncertain investors who can’t decide on which cryptocurrencies to invest in.
The BIT10 crypto index token is “managed professionally” by San Francisco-based Bitwise Asset Management. Bitwise’s executive team features “decades of experience” and talent from Facebook, BlackRock, Goldman Sachs, JPMorgan, and many more.
The new crypto index token offers an easy way to invest in 80% of the crypto market cap with one single investment, eliminating the need to do extensive research into which coins to invest in. BIT10 is weighted by market cap, and rebalanced monthly according to fluctuations in each coin’s respective market cap.
Abra points out that Bitwise funds have historically provided better returns for investors over investing into Bitcoin directly. This is the number one cryptocurrency by market cap that often dictates the movements of the overall market due to it being the most prominent trading pair.

Users who have the Abra app will be required to update their app to the latest software version in order to use the new BIT10 token.
Crypto Index Funds Are a Growing Trend
Abra joins the likes of Goldman Sachs-backed Circle and cryptocurrency powerhouse Coinbase in launching index-like crypto products for retail investors.
Circle offers a unique ‘Buy the Market’ feature through its Circle Invest app, and similarly to Abra and Bitwise’s BIT10, it allows investors to buy into a number of the top cryptocurrencies at once. Competitor Coinbase has also launched what it calls Coinbase Bundles, which allows its customers to buy into the six cryptocurrencies offered on its exchange in one simple purchase.
Cryptocurrencies are both an emerging technology and financial asset, creating much confusion and unease for investors seeking to enter the space.
With thousands of altcoins across the market, choosing the right asset can be a daunting task. These cryptocurrency index funds simplify investing in cryptocurrencies like Bitcoin and Ethereum, and allow investors to gain exposure to a variety of assets in one simple purchase.
Companies like Abra, Coinbase, and Circle hope that by taking the guesswork out of cryptocurrency investing, those waiting on the sidelines eager to buy in, but are unsure how, will be more apt to make their first investment if the process is simple enough. As these funds catch on, more crypto firms are likely to follow with products of their own.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com