Cryptocurrency Index Fund Bitwise Adds $22 Billion Money Manager to Advisory Team

U.S. index fund company Bitwise Asset Management added Ric Edelman, a financial advisor, and best-selling author, to its advisory team on Oct. 3, as per a press release.

San Francisco-based Bitwise was among the first investment funds to offer exposure to cryptocurrency indices via a weighted portfolio.

Bitwise researchers programmatically recalculate coin rankings to ensure the fund captures the top ten most valued crypto-projects.

Last month, Monero turned out to be the top-performing cryptocurrency in the Bitwise 10 index fund, which posted a 6.5 percent decline.

Now, with the addition of Ric Edelman as an advisor to Bitwise, the firm stands to gain from years of extensive market and fund balancing knowledge.

He has invested in the Bitwise 10 index fund and is the founder of Edelman Financial Services, a U.S.-based asset manager with $22 billion in assets under management.

"Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients. I look forward to working with Bitwise to help make that a reality."

Hunter Horsley, the CEO of Bitwise, noted Edelman's addition would support Bitwise's long-term vision of providing "High-quality" exposure to cryptocurrencies to every investor's portfolio.

Recently, Bitwise surveyed more than 450 financial advisors and concluded that 83 percent had clients seeking exposure to cryptocurrencies or had questions about the rising asset class.

For those interested, the Bitwise 10 Index fund is available to accredited U.S. investors at a minimum investment of $25,000; with packages for international investors starting at $100,000.