ProFunds Launches The First Bitcoin Strategy Mutual Fund
Eliminates the Need to Access Bitcoin through Unregulated Exchanges or Wallets.
BETHESDA, MD – July 28, 2021 – ProFunds, a premier provider of a diverse lineup of mutual funds, announced today the launch of the Bitcoin Strategy ProFund (BTCFX).
The new Bitcoin Strategy ProFund is the first publicly available U.S. mutual fund or ETF designed to provide investment results, before fees and expenses, that generally correspond to the performance of bitcoin.
This innovative new ProFund eliminates the need for investors and financial professionals to separately manage their bitcoin exposure through exchanges or wallets and offers investors a convenient way to incorporate a rapidly growing digital asset into their portfolios.
“Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment,” says ProFunds CEO Michael L. Sapir. “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.”
The Bitcoin Strategy ProFund principally invests in bitcoin futures contracts. The Fund does not invest directly in bitcoin.
Founded in 1997, ProFunds has more than 20 years of experience managing a diverse lineup of some of the most innovative funds in the financial industry and offers trading flexibility to all shareholders. In addition to classic, broad-market index funds, ProFunds offers leveraged and inverse funds that track a variety of complex assets, including broad-market and sector-based domestic and international equity, fixed income, commodity, currency, CDS and other benchmarks. Together with ProShares, which launched the first U.S. leveraged and inverse exchange traded funds (ETFs) in 2006, ProFunds and its affiliates manage approximately $60 billion in assets for investors worldwide.
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