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Bitwise 10 Crypto Index Fund Gets a Peer in Bitwise’s Incoming NFT Index Fund

InvestorPlace - Stock Market News, Stock Advice & Trading Tips The Bitwise 10 Crypto Index Fund blazed the trail for crypto indices, and today Bitwise is experimenting with a new...

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This story originally appeared on InvestorPlace

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

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After the launch of the trailblazing Bitwise 10 Crypto Index Fund (OTCMKTS:BITW) in late 2020, it appears Bitwise isn’t finished yet. The financial institution is gearing up for another index offering in the blockchain space, although this one won’t track crypto. The firm’s newest fund is going to be a convenient new way for investors to gain exposure to the exploding world of non-fungible tokens (NFTs).

Concept art of gold tokens that read "NFT."
Source: Shutterstock

Bitwise is a crypto asset management institution based in California. The firm is becoming a power play for investors who are interested in the crypto space; it emphasizes products for those without the time or desire to go rooting around, downloading MetaMask, setting up a wallet and finding an exchange to trade digital currencies. It’s doing this through a suite of different crypto funds.

The firm is perhaps best known for the Bitwise 10 Crypto Index Fund, one of the most popular index funds tracking the prices of Bitcoin (CCC:BTC-USD) and other cryptos. Launched in December of 2020, the fund is one of the earliest crypto-tracking products available on Wall Street. Bitwise regularly searches around the asset class, evaluating top long-term performers and adjusting the BITW index’s holdings. November saw Bitwise move to reconstitute the index’s holdings, but changes were ultimately not made.

Bitwise 10 Crypto Index Fund Gets a New Peer as Bitwise Launches NFT Index

Since its launch, the Bitwise 10 Crypto Index Fund is getting plenty of siblings; the firm is spawning indices tracking DeFi products, as well as another 10 Crypto Index Fund that foregoes tracking Bitcoin. Today is a very interesting day for Bitwise, though. Indeed, its newest crypto-centric index is taking on one of the hottest industries of the last year.

Bitwise’s new index will be its Blue-Chip NFT Index Fund. The fund is an effort to capture the boom of the NFT industry and provide its investors with exposure to the space; noting the explosive nature of the NFT market, Bitwise calls the industry “an entirely new frontier in digital art and culture.”

The index tracks 10 of the most notable NFT collections of the current day. Most notable among the selection are CryptoPunks and Bored Ape Yacht Club. The two collections combine for over half of the total weight of the index. Of course, these two collections are some of the most lucrative and broadly known; CryptoPunks regularly sell for millions, as do the Bored Ape tokens.

The Bitwise Blue-Chip NFT Index Fund will be one of the only ways available to investors right now for investing in NFTs without directly buying them. But, retail investors will have to wait a short period before investing. The fund launches today, but it is launching through private placement, meaning only certain investors have private access to it. The minimum buy-in for the fund is also steep, requiring at least $25,000.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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The post Bitwise 10 Crypto Index Fund Gets a Peer in Bitwise’s Incoming NFT Index Fund appeared first on InvestorPlace.