Quick take:
Leading crypto fund company Bitwise is ramping up its strategy with a new portfolio focused on active strategies. The company said Tuesday its active strategy will invest in liquid crypto opportunities.
Active investment strategies involve continuous buying and selling of sécurities. In Bitwise’s case, the company will be trading liquid cryptocurrencies. The world’s largest crypto index fund manager has also put together a team of market experts to manage the new portfolio.
According to the announcement, Jeffrey Park, CFA, formerly with Corbin Capital, Harvard Management Company, and Morgan Stanley will be supported by a team of specialists who previously worked at Northern Trust and Millennium Management. Park has worked for nearly 10 years investing in crypto.
Bitwise manages more than 15 crypto solutions including strategies focused on decentralised finance (DeFi), non-fungible tokens (NFTs), and the metaverse, among others.
Its expansion into actively managed crypto strategies is driven by growing institutional demand for liquid crypto opportunities. Bitwise’s new team lead for active strategies spearheaded Corbin Capital’s foray into digital assets.
On the other hand, Vincent Molino, the person tasked with leading the team’s due diligence department held similar positions at Northern Trust, Mercer, and EnTrustPerma, for more than a decade, while Denny Peng, whole worked at multi-strategy hedge fund Millenium Management, will serve as the risk manager.
“For the last half-decade, our sole focus at Bitwise has been pioneering ways for investors to access the opportunities emerging in crypto,” said Bitwise CEO Hunter Horsley. “The addition of active strategies to our services is a huge step forward in our ability to do that. I’m proud to say we’ve assembled one of the most talented teams in the country to build out our new active strategies, leveraging the platform and experience we’ve developed at Bitwise.”
In June, Bitwise teamed up with web3 venture capital firms Multicoin Capital and Matthew Ball to launch a metaverse index and a fund.
Last month, Bitwise expanded its thematic fund offerings with a web3-focused ETF that targets the metaverse, DeFi and blockchain infrastructure.
Bitwise is trying to create a more conservative avenue for institutions looking to pounce on opportunities in the digital assets space.
“A new dimension of opportunity now presents itself as the market structure of liquid crypto has matured,” said Active Portfolio Manager Jeffrey Park. “We believe market-neutral, yield, arbitrage, and quantitative strategies can be combined with top-tier long-oriented approaches to create unique absolute return opportunities. At Bitwise we have the industry’s deepest bench of experts in crypto research, operational due diligence, custody, trading, risk management, and regulation to help institutional investors navigate this frontier.”
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