Holon Global Investments, has unveiled three new crypto funds, Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) in partnership with Gemini.
These are Australia’s first unlisted retail funds which would provide passive exposure to the spot prices of the three crypto-assets. Moreover, the Holon Filecoin Fund happens to be the first retail-managed investment vehicle for digital assets outside of Bitcoin and Ethereum to be registered with ASIC.
According to the report, each fund will charge a management fee of 0.40% a year, or 40 basis points, i.e., 67% less than the 1.25% fee charged by the first batch of cryptocurrency ETFs in Australia. Additionally, the expenses of the new products are capped at 0.4% a year.
Following the launch, Holon head of asset management Rory Scott was quoted saying,
“We don’t think we’re adding an enormous amount of value here, and so we shouldn’t be charging an enormous fee. We’ve looked at every part of the value chain and worked out whether we think there’s value in the fee being charged to us as a product provider, and whether there might be a smarter way to do that.”
During this phase, the market saw a dramatic turn for the worse. Despite the persistent bearish sentiment, though, Holon believes in the growing demand for investors seeking to access the market with the help of a regulated, traditional format like a managed fund. Gemini and Holon’s relationship dates back to August 2021, when the duo partnered to launch the Wholesale Filecoin Fund.
Led by high-profile twin tech investors Cameron and Tyler Winklevoss, Gemini recently received authorization to operate as a Virtual Asset Service Provider (VASP) in Ireland.