Hansainvest, one of the biggest financial services company in Europe with €55 billion in assets under management, has added crypto to their Wealthgate Multi Asset fund.
Wealthgate is a global mixed fund investing in “securities of all kinds,” including shares, bonds, money market instruments, certificates, funds and time deposits.
And now crypto too. In an annual filing last month with Germany’s equivalent of the Securities and Exchanges Commission, the Hamburg based Hansainvest revealed they have added the BIT Global Crypto Leaders to Wealthgate.
The BIT Global Crypto fund went out in the middle of the bull run back in June 2021 with it investing in crypto related companies as well as crypto assets.
BIT Capital GmbH manages the fund which includes €1.5 million in ETH, €700,000 in Binance coin, €200,000 in Polygon, and they even had €100,000 in the FTX token.
This was as of August 2022. A February update does not provide a full breakdown, but 5% of the holdings are in eth with BIT Capital managing €28.8 million in the crypto fund.
Only 10% of that fund is fairly directly in crypto through ETNs. They are using Flatex for the crypto ETN purchasing, this being a German broker with 2.5 million users.
90% of the Bit Crypto funds go to crypto companies, like Coinbase or MicroStrategy, as well as to entities like NU Holdings, the parent company of Brazil’s Nubank, a digital full on bank that also offers crypto trading and plans to launch its own coin.
Wealthgate’s exposure to the BIT Global Crypto fund is fairly small at just €76,000 out of €30 million, but it is the first fund of its kind to have any crypto exposure at all in Europe, and one of the first in the world.
The US giant BlackRock, with trillions in assets under management, has also added bitcoin to their Global Allocation Fund.
Likewise investors in Morgan Stanley Europe Opportunity Fund now have exposure to bitcoin through GBTC as the fund bought $3.6 million worth.
The lesser known Emerald Finance & Banking Innovation Fund and Saba Capital Income & Opportunities Fund also have exposure to bitcoin.
And until now it was only bitcoin, but this Hansainvest addition puts eth on the map of a very new and developing trend in funds that focus on global investments.
They tend to be some of the most diversified funds, aiming in general to track global growth.
They tend to also be the most preferred funds for passive investors, like teachers, lawyers or doctors who don’t have time or care to pick stocks but want passive exposure to the market nonetheless.
Now more and more, that means passive exposure to crypto. At this point, the level of such exposure is barely tipping their toes and far from the 1% of assets recommended by numerous academic studies, let alone the 10% suggested by some such studies.
But that means there’s significant room for growth as this passive addition of crypto to the global investment pot has only began.
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- Source: https://www.trustnodes.com/2023/04/11/e50-billion-german-giant-adds-crypto-to-global-fund
