June 8, 2023
Polygon News

Bitwise Starts a Polygon (MATIC) Fund

Bitwise Asset Management (the largest crypto index fund manager globally, with US$1.5 billion in AUM), has introduced a Bitwise Polygon (MATIC) Fund. The underlying strategic objective is to allow investors enhanced MATIC exposure (Polygon’s native token), via an acclaimed investment setup.

Bitwise Chief Investment Officer (CIO), Matt Hougan, said:

“For years, the excitement around crypto’s most promising use cases, including DeFi and NFTs, has been muted by the fact that Ethereum simply isn’t built to handle it all yet.”

“Many are working on Ethereum competitors to solve this, but Polygon has seen breakthrough traction with a uniquely complementary solution that boosts Ethereum’s speed and efficiency. Investors have been asking about this rising star. With the new Bitwise Polygon Fund launching today, we’re excited to continue helping investors gain access to the expanding set of opportunities emerging in crypto,” Hougan added.

Developers can develop robust applications and new Ethereum-integrating blockchains with the Polygon platform. Doing so allows developers to reap network effects’ advantages, with swift low-cost transactions. In October (2021), the number of daily active user (DAU) addresses for Polygon surpassed Ethereum’s for a while. On October 13 (2021), Polygon owned a market cap (MCAP) of over US$8 billion, as against Ethereum’s US$400 billion.

Polygon co-founder, Sandeep Nailwal, stated:

We’re thrilled that a broader range of accredited and institutional investors will now be able to gain exposure to the MATIC token and help encourage greater development of the Polygon ecosystem. Polygon has become one of the most vital building blocks of Web3. Inclusion within Bitwise’s suite of funds serves as a great indicator of our work and progress so far.

The said Bitwise Polygon Fund is eligible to be issued to “accredited investors for private placement subscriptions with a $10,000 minimum investment and weekly redemptions.” Upon being eligible, if at all, the manager tends to go the ‘public quotation of the fund’ route. The ticker to be used is OTCQX. The Bitwise Polygon Fund is being held by Coinbase Custody Trust Company, LLC, as an official custodian.

Notably, prior to the Polygon fund in question, Bitwise also launched in 2021 the following:

  1. Bitwise Uniswap (UNI) Fund.
  2. The Bitwise Aave (AAVE) Fund.
  3. The Bitwise 10 ex Bitcoin Crypto Index Fund.
  4. The Bitwise Crypto Industry Innovators ETF (BITQ), and
  5. The Bitwise DeFi Crypto Index Fund.