ProFunds, a firm that offers a varied portfolio of mutual funds, is now offering a Bitcoin mutual fund. This is the first publically available Bitcoin fund launch in the US.
It has now created the first Bitcoin mutual fund available to the general public in the United States. The fund’s ticker symbol would be BTCFX and its name would be Bitcoin Strategy ProFund.
According to the mutual fund company, its new Bitcoin fund will eliminate the need to purchase bitcoin through unregulated third-party crypto exchanges and wallets. The business has managed various unique funds during the past 20 years.
Crypto assets have become a substantial asset class, according to ProFunds CEO Michael L. Sapir, and their latest offering will allow clients to acquire secure exposure to Bitcoin.
“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment. 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.”
The demand for crypto-related items has exploded among all types of investors. The most significant demand, however, comes from wealthy institutional investors seeking to get Bitcoin and crypto exposure through regulated channels.
Several financial behemoths have begun to offer some type of crypto service in response to rising client demand.
The growing popularity of cryptocurrency has compelled governments all around the world to prioritize crypto laws. Several lawmakers in the United States have urged regulators to put in place investor protection programs.