Institutions now have another way to get their hands on bitcoin.
Hong Kong-headquartered venture firm CMCC Global recently announced the launch of the Liberty Bitcoin Fund, a passive, institutional-grade bitcoin (BTC) tracker designed for accredited investors.
The fund is reportedly the first of its kind in Asia and it allows investors to hold BTC without worrying about the complexities of actually acquiring and storing it. Also:
To protect against physical and electronic theft, Liberty Bitcoin Fund assets are covered by comprehensive insurance and stored offline in cold wallets secured in certified military grade vaults.
Liberty Bitcoin fund manager Thilo Roth said that “the Liberty Bitcoin Fund is the most efficient way for professional investors around the world to access Bitcoin,” adding that “the fund is structured in a way similar to a traditional commodity tracker fund, such as those available for tracking the price of gold, and allows professional investors to gain exposure to the underlying assets using a secure and regulated structure they are familiar with.”
The fund, which is regulated as a mutual fund in the Cayman Islands, is only available to accredited investors and it provides monthly NAV statements denominated in USD, which can be used for tax filings and internal accounting.
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