Copy link
Increase text size
Decrease text size
Link copied

ASX-listed firm DigitalX launches new bitcoin fund

Thu, 14 Nov 2019, 10:10 am UTC

Australian blockchain firm DigitalX has announced a new bitcoin fund, which it will seed with 215 of its bitcoin (worth $1.86 million approximately as of writing).

In a press release dated November 13, DigitalX said that the fund is its second asset management product and will provide its investors with further exposure to the upside in the price of bitcoin.

“The Bitcoin Fund is available through a standard unlisted fund structure to allow sophisticated investors including family offices and high net worth individuals a low-cost and familiar vehicle to gain exposure to this growing asset class,” it said.

Founded in 2013, DigitalX is an ASX-listed company providing global token sale advisory, asset management and blockchain technology development services. It was initially involved in bitcoin mining operations, which it later discontinued. Since its inception, the company has been holding bitcoin and currently holds 431 bitcoin.

“In order to establish and launch the Bitcoin Fund, the Company will seed the fund with 215 of its bitcoin, effectively swapping its interest in those bitcoin for an equivalent interest in the fund,” DigitalX said.

The company said that it is launching the fund to rapidly grow its funds under management and benefit from the fees receivable from the fund. It has set a management fee of 1.65% per annum while no performance fees will be charged

DigitalX has partnered with cryptocurrency custodian BitGo to secure the fund’s holdings. BitGo as a bitcoin custodian is insured up to $100 million.

Furthermore, the fund is licensed and administered by Boutique Capital, which is also the licensee of its current indexed fund.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,741.69 (+0.86%)
  • Ethereum (ETH) $169.76 (+1.53%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $343.18 (-0.27%)
  • Bitcoin SV (BSV) $314.84 (+3.70%)
  • Bitcoin (BTC) $8,741.69 (+0.86%)
Jan 21, 2020 (Tuesday)
12:25
Brave New Coin announces ‘Twitter Sentiment’ data for bitcoin
11:30
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:30
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
Monerium to issue its programmable e-money on Algorand blockchain
10:39
Emurgo establishes blockchain task force with Uzbekistan
10:35
Crypto Technicals: XRP/USD pauses at 23.6% Fib, break above daily cloud to see further gains
10:20
Canadian government taps Mavennet for blockchain-based steel tracking platform
09:31
Venezuelan President Nicolas Maduro approves crypto-run casino
09:05
ASIC gives micro-investment app Raiz a go signal for Bitcoin fund
07:43
Indian IT minister asks NIC for blockchain-based solution to improve public schools
07:29
Bank of Lithuania to issue blockchain-based digital collector coins
06:41
Crypto Technicals: LTC/USD extends rangebound trade, upside capped at 5-DMA (58.48)
06:15
UK revenue and customs agency wants to track crypto-asset transactions
05:17
Crypto Technicals: ETH/USD bounces off 200H MA support, 'Dragonfly Doji' raises scope for upside resumption
05:16
MUFG executes first letter of credit transaction on komgo blockchain platform
04:35
Crypto Technicals: BTC/USD rangebound around 200H MA, retrace below channel top could drag the pair lower
03:56
Thai SEC grants license to crypto-fiat trading platform Zipmex
03:36
Binance P2P platform now supports Vietnamese Dong (VND)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft