ProShares, whose Bitcoin Futures ETF applications were among the many previously rejected by the Securities and Exchange Commission, has launched a Bitcoin Futures mutual fund.
The Bitcoin Strategy ProFund (BTCFX) seeks capital appreciation and is designed to "generally correspond to the performance of Bitcoin" and to provide "a convenient way to incorporate this digital asset into their portfolios," without the need for digital wallets or cryptocurrency exchanges, according to the firm's press release.
"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," said ProFunds CEO Michael L. Sapir in a statement.
"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."
BTCFX invests in Bitcoin futures contracts trading on the CME, not in Bitcoin directly.
