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Leading cryptocurrency exchange Coinbase is shutting down its index fund targeted at institutional investors, sources familiar with the matter have told CoinDesk and The Block.
Coinbase Index Fund, which was announced earlier this year, will be officially closed by the end of this month. The move comes as the fund failed to attract the necessary number of clients.
Reports suggest that the firm is now shifting its focus on a new recently announced retail product “Coinbase Bundle”.
"After assessing demand from retail, accredited and institutional investors, Coinbase has decided to shut down Coinbase Index Fund. We will focus on providing diversified exposure to all investors through Coinbase Bundle,” a spokesperson told CoinDesk.
Coinbase Bundle, launched late last month, will allow users to purchase a bundle of the coins listed on its exchange in just one click. They would be able to invest as low as $25 in the basket of coins. Importantly, the bundle is open to all Coinbase customers and does not require any accreditation.
According to the description of the new product on the official website, Coinbase Bundle is a selection of the five digital currencies supported on Coinbase – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC) – purchased in proportion to their USD market capitalization. The Bundle will consist of these five cryptos in different ratios based on the market capitalization and price at the time of purchase.
"We've decided to refocus the resources devoted to managing the Coinbase Index Fund to other parts of the business," the spokesperson added.
