Profunds launches first publically available Bitcoin Mutual Fund in the US

The rising demand for Bitcoin has made way for various regulated investment options offered by large financial institutions. One such product is now being offered by ProFunds, a firm that offers a diverse lineup of mutual funds. It has now launched the first publically available Bitcoin mutual fund in the United States. The fund would be called Bitcoin Strategy ProFund and represented by the ticker symbol BTCFX.

The mutual fund provider said that its new Bitcoin fund would eliminate the need to buy bitcoin using unregulated third-party crypto exchanges and wallets. The firm has 20 years of experience in managing several innovative funds.

ProFunds CEO Michael L. Sapir said crypto assets have become a significant asset class and their latest offering would help clients to security gain exposure to Bitcoin.

“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment. Compared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with.”

Bitcoin and Crypto Products Attract High Demand

The demand for crypto-related products has skyrocketed among investors of all classes. However, the biggest demand comes from wealthy institutional investors who are looking to gain Bitcoin and crypto exposure through regulated means. Several financial giants have started offering some form of crypto services amid growing clients demand.

The likes of Goldman Sachs, JP Morgan, and  Bank of America are some of the top global financial giants who at one time had downplayed crypto’s rising influence and have even criticized it for being too volatile to find a place in institutional trader portfolios.

The rising crypto demand across the globe has also forced governments around the globe to make crypto regulations their priority. Several US politicians have called upon regulators to implement investor protection plans.

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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