Coinbase Custody To Become A Custodian For The First Asian Bitcoin Trusts
Digital Asset Manager IDEG launched Asia's first two Bitcoin Trusts. The custodian for both funds is Coinbase Custody.
According to a press release, the total size of Asia Bitcoin Trust I and Atlas Mining Trust I is $ 200 million.
The first of them is declared as an actively managed tool for investment in bitcoin. The company emphasized that unlike passively managed funds such as Asia Bitcoin Trust I, “it will use various hedging and arbitrage strategies” to increase profitability.
Another IDEG fund, Atlas Mining Trust I, is an investment mechanism that allows you to profit from bitcoin mining. The company noted that cryptocurrency mining brings industry participants $ 4-8 billion in revenue per year, and this business is developing rapidly.
Both of trust products are targeted at institutional investors. The trust company became the Asian company Profound Trust.
Recall that Coinbase Custody is a custodian of cryptocurrency assets managed by Grayscale Investments, whose value at the end of summer amounted to $ 2.7 billion.
Shares of Grayscale Bitcoin Trust, the company's flagship investment product, rose 350% in the first half.