There seems to be a new way to invest in bitcoin without actually buying any unit of cryptocurrency, as ProFunds, a Maryland-based company in the United States, on Wednesday launched its first publicly available mutual fund linked to the value of the largest cryptocurrency.
According to Al Arabiya Net, the Profund Bitcoin Strategic Fund invests in Bitcoin futures and aims to achieve the results of tracking the price of the digital currency.
This comes as more than a dozen investment companies have applied to launch exchange-traded funds that invest in Bitcoin futures, but so far US regulators have not issued any decisions.
In June, the Securities and Exchange Commission requested a decision on approval of a Bitcoin index fund for the second time in 2021.
The debut coincides with Bitcoin's longest winning streak of the year, as the coin surged 7.5% yesterday and climbed back above $40,900.
The cryptocurrency has been in high volatility over the past year, and the Securities and Exchange Commission has warned investors that they should be aware of the risks of investing in mutual funds that hold Bitcoin futures.
It has also become easier to buy Bitcoin and other cryptocurrencies directly,
Companies like Robinhood Markets and CashApp have created ways to put money into coins without going through the tedious process of opening a digital wallet or storing vital passwords.
The Profund Fund's total expense ratio is 1.16%, which is slightly higher than the typical ratio of 1% or less for ETFs.
Tags
Bitcoin
Queen
coins
the cars
gold
petroleum
dollar prices
red gold
stock market
تعليقات
إرسال تعليق