Huobi Asset Management, a wholly-owned subsidiary of Huobi Technology Holdings, has launched four digital currency funds targeting $100 million in assets by September, setting the stage for wider institutional adoption of cryptocurrencies. 

The company said it has already secured $50 million in commitments across the four funds, putting it on target to reach its total assets-under-management target by September. The funds will track the prices of Bitcoin (BTC) and Ether (ETH).

As reported by Bloomberg, Huobi Tech’s offerings include an active fund that invests in a basket of digital assets in addition to a private equity fund focused exclusively on crypto miners.

Zhang Li, Huobi Tech’s finance chief, told Bloomberg that cryptocurrencies have become a viable alternative investment vehicle, especially as more investors look to capitalize on emerging fintech sectors:

“Virtual assets have become established as a strong category in alternative investment, and more players will compete in this arena. [...] For professional investors who still have concerns about things like security and tax filing, they will opt to buy our funds rather than holding coins themselves.”

Despite sharing a similar name to Huobi Group, which includes the Seychelles-based cryptocurrency exchange of the same name, Huobi Technology Holdings operates as an independent company. Huobi Group and Huobi Technology Holdings share some of the same shareholders but operate independently.

Crypto-focused investment funds are growing in popularity amid the bull market as investors seek more traditional exposure to the new asset class. Several fund issuers, including Fidelity, are looking to package cryptocurrencies into an exchange-traded fund. So far, the United States Securities and Exchange Commission has rejected all proposals to list a Bitcoin ETF. North of the border, however, Canadian officials have already approved two Bitcoin ETFs.