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.