Digital asset venture capital firm Holon Global Investments has launched three new crypto funds: Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) in partnership with Gemini.
These are Australia’s first unlisted retail funds that would provide passive exposure to spot prices of all three crypto assets. Furthermore, Holon Filecoin Fund happens to be the first retail-managed investment vehicle for digital assets outside of Bitcoin and Ethereum registered on ASIC.
New Retail Funds in Detail
According to the report, each fund will charge a management fee of 0.40% per year, or 40 basis points, which is 67% less than the 1.25% fee charged by the first batch of cryptocurrency ETFs in Australia. In addition, expenses for new products are capped at 0.4% per year.
After the launch, Holon’s head of asset management, Rory Scott, was quoted as saying:
“We don’t think we’re adding a huge amount of value here, so we shouldn’t charge a huge fee. We look at every part of the value chain and determine if we think there is value in the fee we are being charged as a product supplier, and if there might be a smarter way to do it.”
The company’s chief executive, Heath Behncke, revealed that it took around a year to get approvals from the Australian Securities and Investments Commission, which oversees the company, financial services and funds.
During this phase, the market took a dramatic turn for the worse. However, despite persistent bearish sentiment, Holon believes in the growing demand from investors looking to access the market with the help of a traditional regulated format such as a managed fund.
Leveraging Gemini Custody Solutions
Behncke believes the launch is a milestone for the Australian cryptocurrency space and the funds have been designed to include Gemini institutional-grade custody to offer market players exposure at lucrative prices.
“We strongly believe in the potential of blockchain and cryptocurrencies to revolutionize key areas of the global and Australian economy, including finance and data storage. But Australian investors, financial investors and financial advisers have struggled to find regulated ways to invest.”
Gemini and Holon’s relationship dates back to August 2021, when the duo teamed up to launch the Filecoin Wholesale Fund.
Led by high-profile twin tech investors Cameron and Tyler Winklevoss, the crypto exchange recently received authorization to operate as a Virtual Asset Service Provider (VASP) in Ireland. However, in the context of the expansion, Gemini has laid off at least 68 workers to fight the crypto winter with “extreme cost-cutting” measures.
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This post Holon Launches Australia’s First Unlisted Funds in Partnership with Gemini (Report)
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