ASX-listed firm DigitalX launches new bitcoin fund
ASX-listed firm DigitalX launches new bitcoin fund
In a press release dated November 13, DigitalX said that the fund is its second asset management product and will provide its investors with further exposure to the upside in the price of bitcoin.
“The Bitcoin Fund is available through a standard unlisted fund structure to allow sophisticated investors including family offices and high net worth individuals a low-cost and familiar vehicle to gain exposure to this growing asset class,” it said.
Founded in 2013, DigitalX is an ASX-listed company providing global token sale advisory, asset management and blockchain technology development services. It was initially involved in bitcoin mining operations, which it later discontinued. Since its inception, the company has been holding bitcoin and currently holds 431 bitcoin.
“In order to establish and launch the Bitcoin Fund, the Company will seed the fund with 215 of its bitcoin, effectively swapping its interest in those bitcoin for an equivalent interest in the fund,” DigitalX said.
The company said that it is launching the fund to rapidly grow its funds under management and benefit from the fees receivable from the fund. It has set a management fee of 1.65% per annum while no performance fees will be charged
DigitalX has partnered with cryptocurrency custodian BitGo to secure the fund’s holdings. BitGo as a bitcoin custodian is insured up to $100 million.
Furthermore, the fund is licensed and administered by Boutique Capital, which is also the licensee of its current indexed fund.
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