A cryptocurrency asset manager Bitwise Asset Management announced it has begun the regulatory process that would allow it to trade shares of its fund publicly on the New York-located OTCQX. According to a press release, the manager wants to make its shares available not only for trading in traditional brokerage accounts, but also for custody with traditional custodians.
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Bitwise Chief Investment Officer, Matt Hougan, says the market witnesses a "significant growth in interest from professional investors" in accessing bitcoin (EXANTE: Bitcoin) to hedge against rising inflationary risk.
"Financial advisors in particular are taking note of the large allocations that hedge funds, institutions, insurance companies, and traditional asset managers are making to bitcoin, and based on our recent survey of nearly 1,000 financial advisors, many are deciding that now is the time to consider an allocation of their own," Hougan added.
If approved, Bitwise will be a direct competitor to Grayscale Investments and Galaxy Digital.
In October last year, Bitwise said the number of financial advisors, who are willing to enter the crypto market, will double in 2021, from 6% to 13%. Matt Hougan noted that PayPal's decision to accept crypto rapidly swept aside all the challenges imposed on professional investors.
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