Cryptocurrency index fund Bitwise entered the OTC market

Cryptocurrency asset management company Bitwise Asset Management has opened access to purchase shares of the Bitwise 10 Crypto Index Fund through the OTC Markets Group.

Previously, it was only possible to buy shares of the fund directly from Bitwise and at a nominal price. However, now any investors have access to trading in the index fund’s shares through their brokerage accounts. The fund is traded on the OTC Markets Group platform under the symbol BITW, and the offer has been verified by the Financial Institutions Regulatory Agency (FINRA).

It should be noted that shares of Grayscale cryptocurrency funds have long been available on OTC markets. As the director of Bitwise investment Matthew Hogan (Matthew Hougan), previously the demand for such a proposal from the company’s customers was not great. However, now financial advisors and professional investors want to invest in cryptocurrencies and the method of direct investment is not very convenient for them:

“It’s too complicated, you need signatures, accreditation and so on. Especially for those who want to place 2% of their clients ‘ portfolios in cryptocurrencies. We listened and worked with regulators for more than 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 bitcoin, 13% – in ether, and the rest of the funds were distributed among XRP, LTC, LINK, XTZ and other assets.

“Index funds have become the most popular way to invest 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 rapidly maturing and interest in it from hedge funds and financial advisors is constantly growing.