The first widely available bitcoin mutual fund is now available for investors who don't want to buy the coin itself

• A new mutual fund by ProFunds will allow traders to invest in bitcoin without buying the asset itself.
• The Bitcoin Strategy ProFund is the first publicly available mutual fund in the US that invests in bitcoin futures contracts.
• ProFunds said the fund eliminates the need for investors to hold their bitcoin through exchanges or wallets.

A new mutual fund will allow traders to invest in bitcoin without going through the process of buying the asset itself.

ProFunds on Wednesday launched Bitcoin Strategy ProFund, the first publicly available bitcoin mutual fund in the US, which invests in bitcoin futures contracts. It does not invest directly in bitcoin.

The fund aims to track the performance of the world's largest digital asset before fees and expenses.

The Maryland-based firm said the new fund eliminates the need for investors to hold their bitcoin through exchanges or wallets and gives them a more convenient way to diversify their portfolios with bitcoin.

"Compared to directly buying bitcoin ... ProFund offers investors the opportunity to gain exposure to bitcoin through a form and investment method that tens of millions of investors are familiar with," company CEO Michael L. Sapir said in a statement.

ProFunds investment vehicle arrives as a wave of financial firms are applying with the Securities and Exchange Commission for approval of a bitcoin ETF.

Currently, there are more than 10 bitcoin ETF applications waiting on the go-ahead from the SEC. The agency has been delaying the approval process, and has maintained that it is "appropriate" to take more time to consider risks and nuances of introducing such a product to the market.

Countries in Europe, as well as Canada and Brazil, already have bitcoin funds available to investors.