ProFunds on Wednesday launched Bitcoin Strategy ProFund, the
first publicly available bitcoin mutual fund in the US, which invests in
bitcoin futures contracts. It does not invest directly in bitcoin.
The fund aims to track the performance of the world's
largest digital asset before fees and expenses.
The Maryland-based firm said the new fund eliminates the
need for investors to hold their bitcoin through exchanges or wallets and gives
them a more convenient way to diversify their portfolios with bitcoin.
"Compared to directly buying bitcoin ... 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,"
company CEO Michael L. Sapir said in a statement.
ProFunds investment vehicle arrives as a wave of financial
firms are applying with the Securities and Exchange Commission for approval of
a bitcoin ETF.
Currently, there are more than 10 bitcoin ETF applications
waiting on the go-ahead from the SEC. The agency has been delaying the approval
process, and has maintained that it is "appropriate" to take more
time to consider risks and nuances of introducing such a product to the market.
Countries in Europe, as well as Canada and Brazil, already
have bitcoin funds available to investors.
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