Mutual funds provider ProFunds aims to enable crypto exposure for investors without actually buying Bitcoin.
The United States-based investment management firm ProFunds announced the launch of Bitcoin Strategy ProFund (BTCFX), one of the first publicly available mutual funds or exchange-traded funds (ETF) that performs in parallel with Bitcoin (BTC). ProFunds provides an alternative to the traditional methods of holding cryptocurrencies via wallets or crypto exchanges with this service.
Sharing details on how ProFunds plans to enable investment in Bitcoin performance through mutual funds, ProFunds CEO Michael L. Sapir said:
“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.”