Cryptocurrencies
Trading at 369% Premium, New Crypto Fund Astounds Even Bulls
- Bitwise fund is an index of Bitcoin, Ether and other coins
- Risk appetite is driving demand for crypto across Wall Street
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While Bitcoin was clinching an almost 200% rally that took it above $20,000 for the first time on Wednesday, a more eye-popping manifestation of the crypto craze emerged this week.
A small digital-asset fund saw its share price balloon 369% higher than the value of the Bitcoin and Ether tokens that it holds. The dislocation means large investors such as hedge funds and family offices along with mom-and-pop investors are paying up for access to the fund, instead of buying its underlying holdings outright for far cheaper.