Olemedia/E+ via Getty Images ProFunds' Bitcoin Strategy ProFund (BTCFX) won't invest in or hold bitcoin (BTC-USD) itself, but instead venture only in futures contracts. The fund will have a net expense ratio of 1.15% and a minimum investment amount of $1K. ProFunds CEO, Michael L. Sapir: “Cryptocurrency has become a significant asset class, and our new Bitcoin Strategy ProFund provides investors access to a bitcoin strategy through a mutual fund investment ... Compared to directly buying bitcoin, which may involve opening a new account with an unregulated party, this ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with.” The opening of a bitcoin mutual fund begs the question: "Why no ETF?" Bitcoin backtracks a bit after Senator Elizabeth Warren says that regulation of cryptocurrency should start sooner rather than later.
