Bitwise Asset Management, creator of the world’s first cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, today announced the launch of the world’s first offshore crypto index fund.
The Bitwise HOLD 10 Index Offshore Fund, Ltd. aims to track the returns of Bitwise’s HOLD 10 Index, a market-cap-weighted index of the 10 largest cryptocurrencies. The fund is an exempted company incorporated in the Cayman Islands, and is intended for international and tax-exempt U.S. investors seeking rules-based exposure to crypto markets.
“We’ve received more than 2,500 inbound requests from international investors looking to invest in the HOLD 10,” said Hunter Horsley, CEO of Bitwise Asset Management, referring to the U.S.-domiciled fund launched in November 2017. “We’re delighted to bring the same high-quality exposure we offer in our U.S. fund to the offshore market, and look forward to serving international partners and tax-exempt U.S. investors with this new vehicle.”
The HOLD 10 Index captures approximately 80% of the total market capitalization of the cryptocurrency market, subject to liquidity, concentration and custody limitations. On a backtested basis, from Jan. 1, 2017 through May 31, 2018, the index rose 1,139%, compared to 677% for Bitcoin alone.* More information is available here.