Bitwise Asset Management, a self-described “leading provider of cryptoasset index funds to professional investors, announced it recently surpassed $100 million in assets under management (AUM),” according to a press release from the group.
Apparently, most of the demand here went toward the group’s Bitwise 10 Crypto Index Fund. This tracks, well, the top 10 cryptocurrencies for investors. That of course includes Bitcoin, Ethereum, Litecoin, and more. Speaking on the matter is the Chief Investment Officer at Bitwise, Matt Hougan, who said:
“2020 is the year crypto crossed the chasm for professional investors. PayPal’s decision to embrace crypto last week was groundbreaking. The challenges that historically kept professional investors on the sidelines—including regulatory concerns, custody, reputation, and understanding—are rapidly being swept aside. Meanwhile, the potential impact crypto can have on portfolios from a risk-adjusted basis, amid the current macro backdrop, is making it hard to ignore.”
Also sharing some thoughts is Hunter Horsley, the CEO at Bitwise, who said:
“When Bitwise started in 2017, most investors in the space were individuals. Today, we see the greatest demand from RIAs, financial advisors, multifamily offices, and hedge funds. The recent entrance of firms like PayPal, Square, Fidelity, CME, Nomura, Facebook, and others has convinced many who were previously cautious that it’s time to reevaluate.”