Fun

ASX-Listed DigitalX Seeds New Fund With Half Its Bitcoin Holdings

News Feed - 2019-11-13 09:11:24

The first ever cryptocurrency firm to be listed on a major stock exchange has launched a new bitcoin fund.


DigitalX, which debuted on the Australian Securities Exchange (ASX) under its previous name DigitalBTC as far back as 2015, announced the new fund on Wednesday. The firm said it’s offering qualifying wholesale and professional investors such as family offices and high-net-worth individuals exposure to the cryptocurrency via a “standard unlisted fund structure” without the effort and risk of holding it directly.


DigitalX executive director Leigh Travers said in the announcement: “DigitalX has held its bitcoin position through the 2017 bull market and 2018 drawdown because of our fundamental long-term belief in the value of the asset. What has become more and more apparent to us as we speak to investors and market participants generally, is that there is a growing interest in accessing bitcoin from people who have traditionally not considered investment in digital assets.”


To get the fund off the ground, DigitalX will provide 215 of its total 431 bitcoin, valuing its investment at around US$1.89 million at current prices. The firm said it aims to quickly grow the investment vehicle and hence its funds under management, and will see income via the fees receivable from the fund. Management fees are disclosed as being set at 1.65 percent annually, while no performance fees will be charged.


The fund’s holdings will be secured via custody services provided by insurance-backed BitGo. DigitalX further plans to use “blockchain-based security” for the registration and transfer of units in the fund.


The Bitcoin Fund is licensed and administered by Boutique Capital, which is also the licensee of DigitalX’s existing indexed crypto fund. Launched last April, that fund was said to give exposure to “leading” crypto assets and potentially ICO tokens.


DigitalX, following a move into bitcoin mining that was later abandoned, has morphed into a company offering blockchain consulting and development services and asset management. It’s not been without its controversies, having been taken to court by investors over an ICO for which it acted as adviser. Its former executive chairman was also indicted by the US government for alleged involvement in a fraudulent text messaging scheme.


Bitcoin image via Shutterstock

News Feed

The Fed’s Money Creation System Is Fueling One of the Biggest Heists in History
The Fed"s Money Creation System Is Fueling One of the Biggest Heists in History Since mid-September, the Federal Reserve has injected three trillion U.S. dollars into the hands o
Gaming Platform Enjin and Metaverseme Merge NFTs With Augmented Reality to Enhance Gaming Experience
Gaming Platform Enjin and Metaverseme Merge NFTs With Augmented Reality to Enhance Gaming Experience The blockchain gaming platform, Enjin and Metaverseme, an au
Bitcoin Enthusiasm Peaks At $100K, Yet Expert Eyes A $95K Dip
Este artículo también está disponible en español. The consistent retail demand for Bitcoin at the $100,000 mark, which indicates high investor confidence, has recently dr
Exciting New Gaming-Focused Blockchain Neon Link Successfully Launches January 2023
Exciting New Gaming-Focused Blockchain Neon Link Successfully Launches January 2023 press release PRESS RELEASE. LONDON, ENGLAND – January 18th, 2023 – Neon Link, a new blockcha
Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain
Reddit User Discovers 7zip File Possibly Linked to Julian Assange Hidden in Bitcoin Blockchain According to a post on the Reddit community r/bitcoin, an old file was discovered tha
MicroStrategy uses $800M note offering to buy more Bitcoin, holds 205,000 BTC
Gareth Jenkinson11 hours agoMicroStrategy uses $800M note offering to buy more Bitcoin, holds 205,000 BTCMicroStrategy has completed its latest note offering, raising over $800 million to buy more Bitcoin for its treasur
Zcash Foundation Cuts Q1 Spending 17% to $2.7 Million – ZEC Tanks 9% in 24 Hours
Zcash Foundation Cuts Q1 Spending 17% to $2.7 Million - ZEC Tanks 9% in 24 Hours The Zcash Foundation cut spending by 17% during the first three months of this year due to Covid-19
Gensokishi Online Project Announces Decision to List MV Token on KuCoin and Campaign
Gensokishi Online Project Announces Decision to List MV Token on KuCoin and Campaign press release PRESS RELEASE. GensoKishiare excited to announce that $MV ( MV(Polygon)/USDT tradi
Biggest Movers: AVAX Hits 2-Week Low as DOT Extends Recent Losses
Biggest Movers: AVAX Hits 2-Week Low as DOT Extends Recent Losses Avalanche fell to a two-week low on Tuesday, as the token broke out of a key support point. Prices fell below a fl
TimeCoin’s Special Token Sale
TimeCoin"s Special Token Sale press release PRESS RELEASE. The Special Token Saleof TimeCoin (TMCN) will be launched on February 15th with a 93% discount on the t
NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap
NFT Sales Drop 5.4% to $193M, Ethereum Dominates with $107M in Sales: Weekly Recap Over the past week, statistics show non-fungible token (NFT) sales totaled $193.08 million, down
Binance exec denied bail in Nigeria money laundering trial
Amaka Nwaokocha11 hours agoBinance exec denied bail in Nigeria money laundering trialHead prosecutor Ekele Iheanacho objected to bail by highlighting Gambaryan’s questionable attempt to get a new passport, allegedly du