The first widely available bitcoin mutual fund is now available for investors who don't want to buy the coin itself
- A new
mutual fundby ProFunds will allow traders to invest in bitcoinwithout buying the asset itself.
- The Bitcoin Strategy ProFund is the first publicly available mutual fund in the US that invests in bitcoin futures contracts.
- ProFunds said the fund eliminates the need for investors to hold their bitcoin through exchanges or wallets.
A new mutual fund will allow traders to invest in bitcoin without going through the process of buying the asset itself.
ProFunds on Wednesday launched Bitcoin Strategy ProFund, the first publicly available bitcoin mutual fund in the US, which invests in bitcoin futures contracts. It does not invest directly in bitcoin.
The fund aims to track the performance of the world's largest digital asset before fees and expenses.
The Maryland-based firm said the new fund eliminates the need for investors to hold their bitcoin through exchanges or wallets and gives them a more convenient way to diversify their portfolios with bitcoin.
"Compared to directly buying bitcoin ... 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," company CEO Michael L. Sapir said in a statement.
ProFunds investment vehicle arrives as a wave of financial firms are applying with the
Currently, there are more than 10 bitcoin ETF applications waiting on the go-ahead from the
Countries in Europe, as well as Canada and Brazil, already have bitcoin funds available to investors.
- My fiancé and I picked out my engagement ring together before he proposed, and I don't regret missing out on the surprise
- A 24-year-old stock trader who made over $8 million in 2 years shares the 4 indicators he uses as his guides to buy and sell
- You can buy more Yeezys today, if you can get past the app crashes and error messages
- Sensex, Nifty50 likely to open in the green amid positive global cues: Coal India, Maruti Suzuki, Hero MotoCorp among stocks to watch
- Two Mukesh Ambani-owned companies are among India’s top 5 valuable brands
- TVS, Ather, Ola hike prices of electric two-wheelers as new subsidy norms kick in
- IKIO Lighting sets IPO price band at ₹270-285/share
- Royal Enfield sales rise 22% in May at 77,461 units