Digital asset management firm Morgan Creek Digital announced its partnership with cryptocurrency company Bitwise Asset Management to launch the Digital Asset Index Fund. The fund is aimed at getting institutional investors exposure to broad-based digital assets.
The Fund holds a market-cap-weighted basket of the top 10 largest digital assets, reconstituted monthly. In order to be included, these assets would need to pass rigorous, rules-based eligibility requirements. All assets are kept in 100 percent cold storage, where the currencies are stored offline, considered to be the best practice for security. They are also audited annually.
Bitwise, which provides cryptocurrency indexes and index funds, will serve as the manager of the fund. The Fund is available to approved institutional investors and accredited investors. These include endowments, foundations, pensions, wealthy families, and sovereign wealth funds.
Morgan Creek Capital Management Chief Investment Officer Mark Yusko reportedly said the fund's minimum investment is $50,000. It tracks the Morgan Creek Bitwise Digital Asset Index or MCBDAI.
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