Bitwise, a leading cryptocurrency fund manager, reported another major milestone on Tuesday as the assets under management for its digital asset funds crossed $1 billion for the first time. 

The Bitwise 10 Crypto Index Fund, which provides diversified exposure to Bitcoin (BTC) and other leading cryptocurrencies, accounts for over 90% of the total AUM.

Hunter Horsely, Bitwise’s CEO, said the crypto industry is at a “turning point” with respect to adoption. He explained:

“We’re seeing accelerating demand from professional investors and financial advisors for exposure to crypto. […] Professional investors value index funds because they provide exposure while delivering peace of mind that the strategy will be managed and rebalanced as the category evolves.”

The asset manager also reported growth across its family of funds, including its newly launched DeFi Crypto Index Fund, which provides sector exposure to decentralized finance projects. The DeFi fund includes cryptocurrencies such as Uniswap’s UNI, Aave’s LEND, Synthetix Network Token (SNX) and Maker’s MKR.

On the topic of DeFi fund growth, Bitwise chief investment officer Matt Hougan said, “Investors find DeFi’s disruptive potential both exciting and intuitive.” 

Bitwise’s assets have doubled since the fourth quarter of 2020 as more investors seek broad exposure to digital assets. Professional investors are entering the market in greater numbers now that the “career risk” associated with cryptocurrencies has declined.

Earlier this month, Bitwise filed its intent with the United States Securities and Exchange Commission to launch a new crypto innovators fund. The fund seeks to track the performance of the still-developing Bitwise Crypto Innovators Index, which is comprised of companies that derive more than 75% of their revenue from the digital asset sector.