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Arca Is Latest Crypto Fund to Launch a Bitcoin Trust
The California fund manager joins a crowded field of firms hoping to dethrone Grayscale's GBTC.
Yazan Danny Nelson
Crypto hedge fund Arca is launching a bitcoin trust product, according to documents filed Thursday with the U.S. Securities and Exchange Commission (SEC).
The product, which launches with $100,000 sold so far, appears to be the California-based digital asset manager's first foray into bitcoin offerings. Arca's previous products banked on small- to mid-cap cryptos and a U.S. Treasurys token called ArCoins that served as a proof of concept for Ethereum-based securities.
Arca joins a crowded field of asset managers aiming to woo investors who want exposure to bitcoin without directly owning the crypto themselves. BlockFi, Osprey Fund, CrossTower, Bitwise and others have all rushed this year to make bitcoin investment vehicles a reality. Their funds and trusts compete with Grayscale, the issuer of by far the largest bitcoin trust product. (Grayscale is owned by CoinDesk parent company Digital Currency Group.)
Read more: BlockFi’s Bitcoin Trust Takes Aim at GBTC
For its part, Arca is taking $25,000 minimum investments (Grayscale's minimum is $50,000). Other details, like the annual fee, were not available at press time. Arca did not immediately respond to CoinDesk's request for comment.
Sizin için daha fazlası
From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
Bilinmesi gerekenler:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
