Cryptocurrency index fund Bitwise entered the OTC market

Cryptocurrency asset management company Bitwise Asset Management has opened access to the purchase of shares in the Bitwise 10 Crypto Index Fund through the OTC Market Group.
Previously, it was possible to buy shares of the fund only directly from Bitwise and at a nominal price. However, now any investors through their brokerage accounts have access to index fund stock trading. The fund is traded on the OTC Markets Group platform under the symbol BITW, while the proposal passed the audit of the Financial Institutions Regulatory Agency (FINRA).

Note that shares of Grayscale cryptocurrency funds have long been available in OTC market. As Bitwise Investment Director Matthew Hogan said, earlier the demand for such an offer among the company’s customers was not large. However, now financial advisers and professional investors want to invest in cryptocurrencies and the way of direct investment is not too convenient for them:

“This is too difficult, signatures, accreditation and so on are needed. Especially for those who want to place in cryptocurrencies 2% of the portfolios of hundreds of their customers. We listened and worked with regulators for over a year to bring the Bitwise 10 Crypto Index Fund to the OTC market. “

Recall that the funds invested in the fund are distributed among the ten largest cryptocurrencies by capitalization. As of November 30, 75% of the fund’s funds were stored in bitcoins, 13% on the air, and the remaining funds were distributed between X R P, LTC, LINK, X T Z and other assets.

“Index funds have become the most popular way of investing in the stock market and we believe that the cryptocurrency industry will come to this,” said Hogan.

Earlier, Matt Hogan said that the cryptocurrency market is growing rapidly and interest in it from hedge funds and financial advisers is constantly growing.