Morgan Creek Digital, an asset management firm backed by multi-billion dollar investment advisor Morgan Creek Capital Management, has announced the launch of the Digital Asset Index Fund in partnership with Bitwise Asset Management.
Opening Up Crypto for Pension Funds
According to its developers, the Digital Asset Index Fund is designed to provide endowments, foundations, pensions, wealthy families, and sovereign wealth funds access to broad-based crypto investment exposure. It is managed by Bitwise Asset Management, the provider of several cryptocurrency index funds. It combines its quantitative rules with oversight by an index committee which includes Mark Yusko, Morgan Creek CIO, Anthony Pompliano, Partner at Morgan Creek Digital, and Bitwise Global Head of Research Matt Hougan.
“Every investor should be considering an allocation to digital assets right now,” said Mark Yusko, CIO at Morgan Creek. “Increasingly, institutional investors are coming to us asking for exposure to the space.” said Yusko. “We wanted to create a vehicle tailored for those investors. Bitwise was the ideal partner to do this with because of their institutional approach, experienced team, and track record of success.”
Institutional Investors Push for Exposure
The new fund holds a market-cap-weighted basket of the top ten largest cryptocurrencies and tokens, reconstituted monthly. The managers explain that assets must pass rigorous, rules-based eligibility requirements including custody qualifications, trade concentration limits and pre-mine restrictions to qualify for inclusion. And all the assets are said to be kept in 100% cold storage and audited annually. As of August 27 it includes BTC, ETH, BCH, ETC, DASH, LTC, XMR, EOS, ZEC, and OMG.
“Institutional investors are seeing the market pullback as an opportunity start building exposure to the space, and have been pushing us to get this fund to market quickly,” commented Pompliano. “We’re excited to have The Digital Asset Index Fund up and running, creating a one-stop shop for institutional investors intent on securely capturing the significant value creation taking place in the crypto market today.”
Are pension funds likely to turn to cryptocurrency investment at this time? Share your thoughts in the comments section below.
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