ETF Industry Veteran Matt Hougan Joins Cryptocurrency Index Fund Manager Bitwise
The Bitwise HOLD 10 Index Fund substantially outperforms Bitcoin in First Two Months Since Launch
SAN FRANCISCO, Feb. 20, 2018 — Bitwise Asset Management, manager of the first cryptocurrency index fund, the Bitwise HOLD 10 Private Index Fund, announced today that ETF industry veteran Matt Hougan is joining the firm as Vice President of Research & Development.
Hougan was previously CEO of Inside ETFs, the world’s leading ETF education company, and before that, CEO of ETF.com, creator of the world’s first institutionally oriented, ETF-specific ratings and analytics service. He is a three-time member of the Barron’s ETF Roundtable and co-author of the CFA Institute’s monograph on ETFs, “A Comprehensive Guide to Exchange-Traded Funds.”
“It’s incredibly exciting to have a leader like Matt Hougan joining the exceptional team at Bitwise,” said Spencer Bogart, partner at Blockchain Capital, an investor in Bitwise. “As cryptoassets come into the mainstream, investors increasingly want access to rules-based beta options. Matt’s expertise in indexing, exchange-traded products, and institutional research complements the team’s expertise in software, and will help Bitwise continue to be a best-in-class partner to investors.”
Matt joins Bitwise on the heels of the launch of its first fund late last fall. The Bitwise HOLD 10 Private Index Fund holds the 10 largest cryptoassets, currently capturing around 80% of the market. In its first two full months since launch, the HOLD 10 substantially outperformed a concentrated investment in Bitcoin alone, delivering a 45% return versus 1.7% return for Bitcoin. That outperformance persisted across both bull and bear markets: In December’s bull market, Bitcoin was up 39% compared with 78% for the HOLD 10, while January’s bear market saw Bitcoin fall 27% compared with 18% for the fund.
“Having the opportunity to participate in the development of a potentially massive new platform or technology is rare,” said Hougan. “Bitwise is taking the right approach to the market, and I’m incredibly excited to join them as they navigate this rapidly growing space. The Bitwise team is extremely thoughtful, high-integrity and technologically oriented, and we have a unique opportunity to build a meaningful institution in the coming years.”
“Matt is an incredible resource and will play a key role in our mission to support crypto investors with high-quality, institutionally oriented investment products,” said Hunter Horsley, Bitwise’s CEO. “We look forward to working with him as we expand our offerings and capabilities in the years to come.”
Bitwise Asset Management is backed by leading institutional and individual investors including Khosla Ventures, General Catalyst, Blockchain Capital, Naval Ravikant, David Sacks, Elad Gil, Adam Nash, Adam Ludwin, Suna Said, Avichal Garg, and others.
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, California. For more information, visit www.bitwiseinvestments.com
About the Bitwise HOLD 10 Private Index Fund
The Bitwise HOLD 10 Private Index Fund is the world’s first cryptocurrency index fund, introduced in late 2017. The fund tracks the HOLD 10 Index, which selects the top 10 largest cryptocurrencies based on 5-year diluted market capitalization as well as robustness criteria including trade volume minimums, concentration limits, and compliance. The portfolio is rebalanced monthly. Assets are held in 100% cold storage, audited annually, and purchased across several liquidity providers to obtain good prices. Additionally, the manager capitalizes on technical opportunities to generate extra return such as hard forks, airdrops, and staking.
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