$14B Private Banking Firm Launches Spain’s First Crypto Fund – BTC Set for More Adoption in Europe

• A&G, a private banking institution in Spain, has launched a cryptocurrency fund exclusively for professional investors.
• The fund will be managed by Román González Torres and Rubén Ayuso and will primarily focus on major cryptocurrencies.
• CACEIS Bank is the depositary for the fund and PwC will undertake the auditor role.

A&G Launches Spain’s First Crypto Fund

A&G, a private banking institution based in Spain specializing in private banking with €12.4 billion ($14 billion) in assets under management by the conclusion of 2022, has announced the launch of its inaugural cryptocurrency fund under Spanish law. The hedge fund is available exclusively to professional investors and has been registered with Spain’s financial regulatory authority on July 21st.

Fund Managers & Depositary

Román González Torres and Rubén Ayuso, who have prior experience managing other funds at A&G, will oversee the new crypto fund. CACEIS Bank, an asset servicing division of Crédit Agricole, was selected as the depositary while PwC will handle auditing responsibilities for the fund.

Investment Strategy & Tax Benefits

The managers of this new crypto fund have full discretion to distribute their assets as they deem suitable while maintaining a minimum exposure to physical cryptocurrencies at all times (70%). Additionally, A&G’s Exchange-Traded Product offers certain tax benefits which could further benefit those investing in this new crypto offering from A&G.

Focus On Major Cryptocurrencies

Torres stated that this crypto fund would mainly concentrate on major cryptocurrencies when it comes to market capitalization and liquidity. In case of exuberance in the market, up to 30% holdings may be kept as cash but still keeping its core investment intact (in cryptocurrencies). This makes this 100% crypto hedge fund different from passively-managed ones such as Grayscale’s Digital Large Cap Fund (GDLC) or Bitwise’s 10 Crypto Index Fund (BITW).

Launch Date For Crypto Fund

The launch date for this new crypto hedge fund from A&G is expected to be by September 2021 if everything goes according to plan. With more traditional financial institutions like banks supporting digital assets now more than ever before, we can expect even more adoption for Bitcoin (BTC) and other cryptocurrencies across European countries soon!