Bitcoin Hedge Fund Launches Ethereum-Subscribed ICO Investment Vehicle
The operators of a regulated, Jersey-based bitcoin hedge fund have officially closed a new $5 million fund aimed at investing in cryptocurrency tokens and initial coin offerings (ICOs).
Backed by fund manager and former JP Morgan trader Daniel Masters, the offering by Global Advisors is the latest in a string of funds aimed at offering accredited investors exposure to the burgeoning crypto asset class. However, it may be unique in that those who committed investment funds did so in ether, the native cryptocurrency on the ethereum blockchain.
Speaking exclusively to CoinDesk, chairman Daniel Masters stressed this detail as the fund's defining attribute.
Masters said:
"I'm sure this was the first fund in the history of finance where everyone who subscribed to the fund did so via ethereum."
In statements, Masters added that key selling points for the fund would be its "discretion and caution" at a time of ample innovation.
As such, the fund is structured to offer managed exposure to the emerging space, allowing investors to participate "cautiously and intelligently."