ProFunds, a mutual fund management company with over 100 funds and around $60 billion in assets under management, has announced the first mutual fund in the U.S. with a Bitcoin strategy.
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ProFund's press release says that this new fund would eliminate the need for individual investors to worry about holding their own Bitcoin on an exchange or private wallet. While some crypto investors would like to hold their own investments, others may want a less hands-on approach.
ProFund's CEO, Michael L. Sapir, said that Bitcoin and cryptocurrency have become a significant asset class and that this new fund will give investors exposure through a more traditional and recognizable means.
“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," said Sapir.
“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.”
This new product from ProFunds is the first mutual fund or ETF that has become publicly available in the U.S., offering those without technical know-how a way to safely invest in the asset.
This story is developing.