FINANCIAL SERVICES | Staff Reporter, Singapore

Asia's first bitcoin asset fund Stack floats in Singapore

The index fund plans to capture $1.01b (US$750m) assets under management within 2020.

Cryptocurrency index fund provider Stack has launched Asia’s first institutional-grade Bitcoin asset fund in Singapore, according to a news release.

The index fund expects to capture $1.01b (US$750m) assets under management within 2020, and to exceed $2.7b (US$2b) in 2021. Stack’s partners include financial services providers, BitGo, Silvergate Bank, and Coin Metrics.

The launch comes after the demand from institutional investors for access to the digital asset economy increased. The new Bitcoin Index Fund (BTCX100) will give investors a flexible means to get into Bitcoin through a minimum investment of $100,000 at a 2.25% management fee. All Stack funds will offer secure custody with insurance coverage, weekly contributions, redemptions, and reporting.

Stack has also partnered with cryptocurrency audit and tax practice Cohen & Co. for auditing purposes, DRW’s crypto-asset trading firm, Cumberland, and a London-based insurance syndicate.

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