A startup led by former Facebook and Google employees is launching a cryptocurrency index fund. Backed by AngelList founder Naval Ravikant, Bitwise Asset Management is today coming out of stealth mode to reveal its first product, the Bitwise Hold10 Private Index Fund – a market cap-weighted basket of the top 10 cryptocurrencies by network value. With the launch, investors who participate in the fund will own shares meant to reflect the value of the underlying assets, allowing them to achieve what BitWise argues is a broad exposure to the cryptocurrency market.
The fund’s co-founders are Hunter Horsley, a former Facebook and Instagram product manager and Wharton graduate, and Hong Kim, a Google veteran and former Korean military software security expert. One of the key goals of the fund, Horsley said is to create a way for investors to gain exposure to cryptocurrency with the ease and economy of investing in an S&P 500 index fund. [ Coindesk ]