Huobi Asset Management, a subsidiary of publicly traded Huobi Technology, has launched passive bitcoin and ether funds for institutional investors.

Huobi Technology is an affiliate of crypto exchange operator Huobi Group via common ownership, but the two entities operate independently. The bitcoin and ether funds are tracker or passive funds, meaning they are designed to mirror the performance of the two cryptocurrencies.

The launch comes over a month after Huobi Asset Management first revealed the funds and regulatory approvals from Hong Kong's Securities and Futures Commission.

Besides the two passive funds, the firm has also launched an active multi-strategy fund that would invest in a basket of cryptocurrencies and a private equity fund that would invest in crypto mining-related businesses.

The four funds are open only for professional or accredited investors such as high net-worth individuals, family offices, asset managers, and corporates.

Huobi Asset Management said it has already received $50 million in commitments across the four funds and targets $100 million by Q3 2021.

The PE fund will not invest in public crypto mining companies such as Riot or Hut8. The firm’s actively managed crypto fund, Multi-Strategy Virtual Assets Fund, plans to make investments in a mix of crypto assets.