San Francisco-based startup Bitwise Asset Management is launching a cryptocurrency index fund that will track the most valuable virtual coins, Forbes reports.
Bitwise says it wants to be "Vanguard for crypto.”
Bitwise’s new HOLD 10 Private Index Fund follows a basket of the top 10 digital tokens by market value and strives to be less exclusive than some of the cryptocurrency hedge funds that have popped up in recent months.
The fund, which requires a $10,000 minimum investment, is currently only available for accredited investors in the U.S., though Bitwise says it ultimately plans to offer other vehicles such as ETFs and mutual funds.
Bitwise co-founder Hunter Horsley says cryptocurrencies must meet certain volume rules in order to be included in the index, which will be rebalanced on a monthly basis.
As of September 26, the 10 coins the HOLD 10 contained based on the eligibility requirements and selection criteria, were Bitcoin (Bitcoin), Ethereum (ETH/USD), Ripple, Bitcoin Cash (Bitcoin.Cash), Litecoin (LTC/USD), Dash, NEO, Zcash, Monero (XMR/USD) and Ethereum Classic (ETC/USD).