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Bitcoin

Profunds launches first publically available Bitcoin Mutual Fund in the US

by Miki 07/28/2021
by Miki 07/28/2021 0 comment

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.

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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

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      Learn

      How to Start Trading Cryptocurrency

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      Learn

      How to Create Your Own Cryptocurrency

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  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

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      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

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      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

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      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

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