ETP News: Former Google and Facebook staffers launch passive crypto index fund
San Francisco-based Bitwise Asset Management has launched the Hold 10 Private Index Fund, a passively-managed index fund tracking the Hold 10 index, which follows the performance of the top 10 cryptocurrencies by inflation-adjusted market capitalisation. The index represents the performance of cryptocurrency by means of a basket of the largest coins that comprise the majority of the asset class's market capitalisation. The index has a policy of selecting the top 10 coins, by inflation-adjusted market capitalisation. A coin's price is derived from real-time data from multiple exchanges. The fund, which requires a US$10,000 minimum investment, is only available for accredited investors in the US, although there are plans to offer other vehicles, such as exchange-traded funds (ETFs) and mutual funds. The cryptocurrencies in the index are: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Dash, Neo, Zcash, Monero and Ethereum Classic, as of September 26.
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