The DigitalX Bitcoin Fund increased almost 20% during March
ASX-listed DigitalX Limited has announced that its DigitalX Bitcoin Fund increased 19.6% over the month of March 2023 and the DigitalX Fund rose 11.4%, while the S&P Cryptocurrency Top 10 Equal Weight Index (“Index”) increased 1.5%.
The performance of both DigitalX Funds reflected the positive price appreciation of larger capitalisation digital assets, which outperformed other digital assets as well as global equity indices and gold following the collapse of a number of banks in the US and Europe in March.
The actively managed DigitalX Fund outperformed the Index over the month, largely due to its overweight holdings in Bitcoin and Ethereum. Digital assets have started the calendar year strongly with the DigitalX Bitcoin Fund rising 69.1% over the March quarter and the DigitalX Fund returning 47.0%, while the Index rose 50.3%. The All Ordinaries Index returned 2.1% and gold rose 10.1% over the same period.
All DigitalX Fund assets are secured with an institutional grade custodian with insurance.
DigitalX Chief Executive Officer, Lisa Wade said, “We are pleased with our outperformance this month which is directly attributed to our decision to overweight positions in Bitcoin and Ethereum, and to reposition the portfolio more aggressively following the January flushing of bad news in the sector.
“We believe the recent collapse of several prominent banks was a reminder to the broader market of why Bitcoin was invented – as per the Bitcoin Whitepaper: ‘A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution’.
“The “Gap” between Bitcoin and US equity markets tightened from 48% to 43% over the month, which we believe is a broader trend and an opportunity for Bitcoin to outperform equity markets and close the 2022 underperformance gap.
“Finally, we are pleased to record a strong start to the year for our funds and observe a more positive sentiment returning to the sector,” Wade ended.
