Bitwise, a leading cryptocurrency fund manager, reported another major milestone on Tuesday, as assets under management for its digital asset funds crossed $1 billion for the first time.
The Bitwise 10 Crypto Index Fund, which provides diversified exposure to Bitcoin (BTC) and other leading cryptocurrencies, accounts for over 90% of total AUM.
Hunter Horsely, Bitwise’s CEO, said the crypto industry is at a “turning point” with respect to adoption. He explained:
“We’re seeing accelerating demand from professional investors and financial advisors for exposure to crypto […] Professional investors value index funds because they provide exposure while delivering peace of mind that the strategy will be managed and rebalanced as the category evolves.”
The asset manager also reported growth across its family of funds, including its newly launched DeFi Crypto Index Fund, which provides sector exposure to decentralized finance projects. The DeFi fund includes cryptocurrencies such as Uniswap, Aave, Synthetix and Maker.
On the topic of DeFi fund