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The first publicly available U.S. mutual fund that generally tracks the Bitcoin price has been launched by a $60 billion fund manager.
In a press release this morning ProFunds announced the launch of its Bitcoin Strategy ProFund (BTCFX). This will be the first publicly available U.S. mutual fund that generally tracks the price of Bitcoin.
On the ease of access and mass exposure that this mutual fund will provide, ProFunds CEO Michael Sapir said that “Compared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this 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.”
On the increased demand for a Bitcoin mutual fund, Michael Sapir commented it “has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment.”
In other trending Bitcoin News today: Record 57K BTC leave exchanges in one day, dropping Bitcoin reserves to pre-crash levels.
Yesterday was the largest Bitcoin net outflow from exchanges since 2016. BTC needs to close above $40,035 today to make 9 green days in a row – the longest streak since May, 2017.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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