Bitwise Adds Former BlackRock VP, Commonfund Director as Head of Business Development; Cryptoassets Continue to Gain Traction Among Institutional Investors
SAN FRANCISCO, June 5, 2018 — Bitwise Asset Management, creator of the world’s first cryptocurrency index fund, announced today that it has hired Martha Shear as managing director and head of business development, as it continues to build out its presence in the institutional market.
Shear was previously a director of business development for Commonfund, a $24.9 billion asset manager focused on outsourced investment management and alternative strategies for institutions. Prior to Commonfund, Shear was vice president for institutional iShares sales at BlackRock, the world’s largest asset manager, with more than $6.3 trillionunder management.
“I’m thrilled to join the team at Bitwise and help institutional investors gain exposure to this fast-moving new asset class,” said Shear. “Today’s institutions face significant challenges as they try to meet their return targets. We believe that even a small and diversified exposure to cryptoassets — properly managed by a team with deep experience in the space — has the potential to help them meet their goals. I’m excited to sit down with forward-thinking investors and talk to them about what rules-based crypto exposure can do for their portfolios.”
Bitwise launched the world’s first cryptocurrency index fund, the HOLD 10 Private Index Fund, on Nov. 22, 2017. The fund seeks to track an index that captures the 10 largest cryptoassets by inflation-adjusted market capitalization, rebalanced monthly. Since its inception of Nov. 22, 2017, through May 31, 2018, the HOLD 10 Private Index Fund cumulatively outperformed a stand-alone allocation to Bitcoin by more than 17 percentage points, rising 8.3% against a 9.3% drawdown in Bitcoin.
“I couldn’t be more thrilled to have Martha join the team and lead our business development efforts,” added Hunter Horsley, Bitwise CEO. “The conversations we’re having with institutional investors, family offices and financial advisors alike show that there is significant pent-up demand for institutional-quality exposure to crypto. We think leading institutions will begin allocating to the space over the next 12 months.”
Shear continues a string of high-profile hires that Bitwise has made in recent months, including three major hires from the ETF industry: former ETF.com CEO Matt Hougan, who joined Bitwise as the global head of research; former United States Commodity Funds CIO John Hyland, who is now the global head of exchange-traded products; and former New York Life Senior Vice President Teddy Fusaro, who played a key role in the development of IndexIQ, a $4 billion ETF asset manager, and is now Bitwise’s COO.
About Bitwise Asset Management
Founded in 2017, Bitwise Asset Management is a cryptocurrency asset manager backed by institutional investors. The firm is a partner to individuals, financial advisors, family offices, investment managers and institutions in navigating cryptocurrency. Bitwise develops funds, indexes, insight, and other services. The team behind Bitwise has expertise in technology, security, and finance. The firm is based in San Francisco. For more information, visit www.bitwiseinvestments.com.
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Disclaimer
Bitwise Asset Management Inc. and its affiliates (collectively, the “Manager”) are furnishing this release (this “Release”) to sophisticated prospective investors for informational purposes only in relation to a potential opportunity to subscribe for limited liability company interests (“Interests”) in Bitwise HOLD 10 Private Index Fund, LLC (the “Fund”). This is neither an offer to sell nor a solicitation for an offer to buy Interests in the Bitwise HOLD 10 Private Index Fund, LLC. Any offer to sell or solicitation of an offer to buy Interests will be made solely through definitive offering documents, identified as such, in respect of the Fund in compliance with the terms of all applicable securities and other laws. Such definitive offering documents, if any, will describe risks related to an investment in the Fund (including loss of the entire investment) and will qualify in their entirety the information set forth in this Release.
No Advice on Investment; Risk of Loss
Prior to making any investment decision in respect of the Fund, each investor must undertake its own independent examination and investigation of the Fund, including the merits and risks involved in an investment in the Interests, and must base its investment decision — including a determination whether Interests would be a suitable investment for the investor — on such examination and investigation, and must not rely on the Manager or the Fund in making such investment decision. Prospective investors must not construe the contents of this Release as legal, tax, investment, or other advice. Each prospective investor is urged to consult with their own advisors with respect to legal, tax, regulatory, financial, accounting, and similar consequences of investing in the Fund, the suitability of the investment for such investor, and other relevant matters concerning an investment in the Fund. This Release contains an overview summary of the terms of the Fund. The summary set forth in this Release does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents relating to the Fund. Do not place undue reliance on this Release.
Information May Change and Be Inaccurate, Incomplete, or Outdated
SOURCE Bitwise Asset Management
