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Bitwise Launches Best-in-Class Beta Funds for Bitcoin and Ethereum To Capitalize On Market PullbackSAN FRANCISCO, Dec. 5, 2018 /PRNewswire/ -- Bitwise Asset Management, creator of the world's first cryptocurrency index fund, today announced the launch of two new low-cost, liquid beta funds, holding bitcoin and ether exclusively. The Bitwise Bitcoin Fund and the Bitwise Ethereum Fund are the second and third strategies in the Bitwise fund family, joining the broad-market Bitwise 10 Private Index Fund. The launch of the funds is driven by inbound client interest and investor dissatisfaction with existing options, many of which carry premiums, charge exit fees, have lockups, and/or charge expenses to the fund outside the stated management fee. "The 68% drawdown in bitcoin prices this year has given investors a unique opportunity to enter the market at prices many thought we'd never see again," said Hunter Horsley, Bitwise CEO. "Though an ETF has not yet been approved, investors and advisors like the fund format because it's professionally managed and simplifies access to best-in-class custody, trading, reporting, and tax preparation, and allows for the safe capture of events like hard forks and airdrops." The Bitwise Bitcoin Fund holds bitcoin and aims to capture the total returns available to investors in the world's largest cryptoasset, including any meaningful hard forks and air drops. The Bitwise Ethereum Fund does the same for ether. Funds safeguard holdings in 100% cold storage with an institutional third-party custodian, and prepare simple K-1 tax documents for investors each year. The funds are available today in two share classes: Institutional Shares have an all-in expense ratio of 1.0% and a minimum investment of $1 million, while Investor Shares have an all-in expense ratio of 1.5% and a minimum investment of $25,000. Investors can come in and out of the fund weekly, with no lockups, withdrawal fees, or performance fees. The funds are open to U.S.-accredited investors. "With significant positive developments on the horizon, including the launch of the Bakkt bitcoin futures exchange from ICE, the launch of Fidelity Digital Assets, and the continued movement of institutional investors like Yale University and Stanford University into the crypto space, we have seen significant inbound demand for high-qualiy bitcoin and ether funds," said Matt Hougan, global head of research for Bitwise. "Our clients have been adding to their positions throughout the downturn, and many who've been following the space for a while are using this opportunity to finally come in." Both funds are open and taking subscriptions, with the first subscription date scheduled for today, December 5, 2018, at 4 p.m. ET. About Bitwise For More Information Media Disclosures No Advice on Investment; Risk of Loss Prior to making any investment decision in respect of the Funds, each investor must undertake its own independent examination and investigation of the Funds, including the merits and risks involved in an investment in the Shares, and must base its investment decision—including a determination whether shares would be a suitable investment for the investor—on such examination and investigation and must not rely on the Manager or the Funds in making such investment decision. Prospective investors must not construe the contents of this Release as legal, tax, investment, or other advice. Each prospective investor is urged to consult with its own advisors with respect to legal, tax, regulatory, financial, accounting, and similar consequences of investing in the Funds, the suitability of the investment for such investor, and other relevant matters concerning an investment in the Funds. This Release contains a limited overview summary of the terms of the Funds. The summary set forth in this Release does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents relating to the Funds. Do not place undue reliance on this Release. View original content:http://www.prnewswire.com/news-releases/bitwise-launches-best-in-class-beta-funds-for-bitcoin-and-ethereum-to-capitalize-on-market-pullback-300760492.html SOURCE Bitwise Asset Management |