Claim BonusProfunds launches first publically available Bitcoin Mutual Fund in the US
The rising demand for Bitcoin has made way for various regulated investment options offered by large financial institutions. One such product is now being offered by ProFunds, a firm that offers a diverse lineup of mutual funds. It has now launched the first publically available Bitcoin mutual fund in the United States. The fund would be called Bitcoin Strategy ProFund and represented by the ticker symbol BTCFX.
The mutual fund provider said that its new Bitcoin fund would eliminate the need to buy bitcoin using unregulated third-party crypto exchanges and wallets. The firm has 20 years of experience in managing several innovative funds.
ProFunds CEO Michael L. Sapir said crypto assets have become a significant asset class and their latest offering would help clients to security gain 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.”
Bitcoin and Crypto Products Attract High Demand
The demand for crypto-related products has skyrocketed among investors of all classes. However, the biggest demand comes from wealthy institutional investors who are looking to gain Bitcoin and crypto exposure through regulated means. Several financial giants have started offering some form of crypto services amid growing clients demand.
The likes of Goldman Sachs, JP Morgan, and Bank of America are some of the top global financial giants who at one time had downplayed crypto’s rising influence and have even criticized it for being too volatile to find a place in institutional trader portfolios.
The rising crypto demand across the globe has also forced governments around the globe to make crypto regulations their priority. Several US politicians have called upon regulators to implement investor protection plans.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Strategy CEO Phong Le Unveils Plan to Address MSTR Stock Volatility, Boost BTC Buys
- Cardano Founder Sets March Launch for Midnight as Expert Predicts BTC Shift to Privacy Coins
- U.S. Government Shutdown Odds Hit 84%, Will Bitcoin Crash Again?
- Wall Street Giant Citi Shifts Fed Rate Cut Forecast To April After Strong U.S. Jobs Report
- XRP Community Day: Ripple CEO on XRP as the ‘North Star,’ CLARITY Act and Trillion-Dollar Crypto Company
- Ethereum Price at Risk of a 30% Crash as Futures Open Interest Dive During the Crypto Winter
- Ethereum Price Prediction Ahead of Roadmap Upgrades and Hegota Launch
- BTC Price Prediction Ahead of US Jobs Report, CPI Data and U.S. Government Shutdown
- Ripple Price Prediction As Goldman Sachs Discloses Crypto Exposure Including XRP
- Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
