Given the increased popularity of Bitcoin, a hedge fund dedicated to the virtual currency has launched.
New York-based Coin Capital Management announced the new offering Tuesday and explained that the fund will “buy and hold the leading cryptocurrency in an institutional grade environment.”
The new fund will take a long-term bullish stance on Bitcoin. Additional information regarding the new offering was not disclosed.
eVestment reported earlier this year that Fortress Investment Group entered into a deal with Pantera Capital Management, the manager of the Pantera Bitcoin Partners fund, for an equity stake. In addition to a minority stake in Pantera, the deal will give Fortress an interest in the management and performance fees of the Bitcoin fund--in exchange that the fund will become the vehicle for all of the hedge fund's future digital currency investments.
Managing partner Samuel Cahn founded Coin Capital with partners Sigmund Sommer and Drew Sommer.