ProFunds launches Bitcoin Strategy mutual fund
ProFunds, a provider of a diverse lineup of mutual funds, has launched the Bitcoin Strategy ProFund (BTCFX).
The new Bitcoin Strategy ProFund is the first publicly available US mutual fund or ETF designed to provide investment results, before fees and expenses, that generally correspond to the performance of bitcoin.
This innovative new ProFund eliminates the need for investors to hold their bitcoin through exchanges or wallets and offers investors a convenient way to incorporate this digital asset into their portfolios.
“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,” says ProFunds CEO Michael L Sapir. “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.”
The Bitcoin Strategy ProFund principally invests in bitcoin futures contracts. The Fund does not invest directly in bitcoin.