• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

World’s First Bitcoin Mutual Fund Launches in US

29/07/2021 14:59
No comments

US based ProFunds with $60 billion of assets under management has announced the launch of the Bitcoin Strategy ProFund.

They describe it as the first publicly available U.S. mutual fund designed to provide investment results, before fees and expenses, that generally correspond to the performance of bitcoin.

It is limited to investing in bitcoin futures, rather than bitcoin spot, but their prospectus says they can in exceptional circumstances also invest in Canadian bitcoin ETFs.

“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment,” says ProFunds’ CEO Michael L. Sapir, adding:

“Compared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with.”

Mutual funds are a way of pooling capital together to invest with it sometime having its shares publicly traded.

Here there is a ticker, BTCFX, but there is no listed exchange with the minimum investment currently being $1,000.

They charge a total expense ratio of 1.15%, which is a bit higher than the typical 1% or less charged in ETFs, in part perhaps because this is the first of its kind and thus currently lacks much competition.

Its launch however further illustrates the growing demand for bitcoin as an asset class as well as its continued expansion into new markets.

Related Posts

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

US Bureau of Labor Statistics

Bitcoin Jumps as US Inflation Falls to 8.5%

LUSD’s Token Jumps, RAI’s Rises 50%

Infura Censors Tornado Cash Smart Contract

Load More
  • Trending
  • Comments
  • Latest
Proof of Work/Stake

Proof of Stake vs Proof of Work

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

Alireza Peyman Pak, file photo

Iran Pays with Crypto For $10 Million Import

Torn price, Aug 2022

Torn Token Dives as US Bans a Smart Contract, ENS Domain Goes Offline

Ethereum, the burning, Aug 2022

EthereumPoW to Remove EIP1559

US Bureau of Labor Statistics

Bitcoin Jumps as US Inflation Falls to 8.5%

RAI Spikes, Aug 2022

LUSD’s Token Jumps, RAI’s Rises 50%

Infura RPC censorship, Aug 2022

Infura Censors Tornado Cash Smart Contract

Comments

Latest News

  • EthereumPoW to Remove EIP1559
  • Bitcoin Jumps as US Inflation Falls to 8.5%
  • LUSD’s Token Jumps, RAI’s Rises 50%

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?