Ric Edelman Invests in Crypto Asset Manager, Serves as Advisor
Bitwise Asset Management, which launched the first privately-offered cryptocurrency index fund in November 2017, reported that financial advisor and author Ric Edelman has invested in the company and is now serving as an advisor.
Bitwise Asset Management, which launched the first privately-offered cryptocurrency index fund in November 2017, reported that financial advisor and author Ric Edelman has invested in the company and is now serving as an advisor.
Edelman is the founder of Edelman Financial Services, a registered investment advisor with $22 billion in assets under management which was named the top RIA firm in the country for 2018 by Barron’s. He plans to help Bitwise educate and support financial advisors looking to bring cryptoassets to client portfolios.
“There is a technological and financial revolution taking place right now with cryptocurrency that has far-reaching implications,” said Edelman. “Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients. I look forward to working with Bitwise to help make that a reality.”
A recent Bitwise survey of more than 450 financial advisors found that 83 percent had received questions from clients about crypto. According to the company, those advisors said that “education” and “regulatory concerns” were the two primary barriers to them making an allocation to cryptoassets for their clients.
Bitwise launched the world’s first cryptocurrency index fund, the Bitwise 10 Private Index Fund, which holds the 10 largest cryptocurrencies selected and weighted by inflation-adjusted market cap. The currencies include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Zcash, Litecoin, Dash, EOS, Monero, and Stellar Lumens.
The fund is available to U.S. accredited investors with a minimum investment of $25,000, while an “offshore” fund is available for international accounts with a minimum investment of $100,000.
For both funds, investor class units have a 2.5 percent management fee, while institutional class units charge a 2.0 percent fee. Investments can be made through IRAs, trusts, taxable accounts, and other entities.
Founded in 2017, Bitwise Asset Management is based in San Francisco and develops funds, indexes, models, research, and other services.
