Asset Manager Bitwise Floats Blue-Chip NFT Index Fund

Cryptocurrency funds manager, Bitwise Assets Management has launched the Bitwise Blue-Chip NFT Index Fund, an avenue for accredited investors from the United States to gain exposure to iconic Non-Fungible Tokens in the space. As detailed on the company’s dedicated page for the new offering, the index constituent is composed of 10 unique NFT collections, tagged as some of the most prestigious around in the ecosystem today.

CryptoPunks, the art collection of 10,000 pixelated punks carries the heaviest weight of the constituents with 36.5% of the whole. The Bitwise Blue-Chip NFT Index Fund also features Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club VeeFriends, and Autoglyphs amongst others. Investors who want to be a part of the Bitwise Blue-Chip NFT Index Fund will need to hold a minimum of $25,000, the lowest amount that is not up to the floor price of 7 out of the 10 represented NFT collections.

Commenting on the index fund, Bitwise Chief Information Officer Matt Hougan says it is the first of its kind and that the primary aim is to “make owning the blue-chip NFTs emerging in this historic new category simpler.”

“New frontiers in art are rare. Entirely new artistic mediums are even rarer. NFTs have emerged as the first digitally native medium for owning art and collectibles, with enormous potential for meaning, value, and use in our increasingly digital world.” 

The company said it will be adjusting the constituents of the Bitwise NFT Fund every three months to make room for underperforming and new blue-chip projects being launched in the space.

Bitwise NFT Index Fund is a Feather on the Company’s Cap

Bitwise is one of the primary pioneers in the cryptocurrency ecosystem offering index fund investments to investors in the nascent industry. 

The firm offers the Bitwise 10 Crypto Index Fund, and the Bitwise Crypto Industry Innovators ETF, both of which are publicly traded under the ticker symbols BITW and BITQ respectively. Beyond these two, Bitwise also has a number of funds that are only available to accredited investors, and these funds cover Polygon (MATIC), Uniswap (UNI), and Ethereum (ETH) amongst others.

In addition to these, Bitwise has tried a number of times to float a Bitcoin Exchange Traded Fund (ETF) product which has been historically been rejected by the SEC. While the firm has refiled for the BTC ETF in hopes that the top regulator will approve, its current offerings have recorded about $1.6 billion in Assets Under Management (AUM).

The inclusion of the  Bitwise Blue-Chip NFT Index Fund can be said to be a feather on the company’s cap.