The Bitcoin ETF PIE Fund (the Fund) was launched in 2021. The Fund was originally called the Vault International Bitcoin Fund, with this name changing in May 2025. The Fund provides investors with exposure to Bitcoin, by investing in funds (ETFs and trusts) which are listed on foreign share markets, which in turn invest directly in Bitcoin.
The Fund is a PIE fund, enabling investors to get exposure to the performance of Bitcoin, while avoiding the administrative and tax issues typically associated with directly investing in cryptocurrencies. This also provides the tax benefits associated with being a PIE fund, including tax being capped at 28%.
Key features:
- Simpler and easier than holding Bitcoin directly
- A tax efficient PIE fund
- Professional investment management
- Regulated under the FMC Act
What is Bitcoin?
Bitcoin is a digital asset that operates independently of central banks or governments. Unlike sovereign currencies such as the NZ dollar that are backed by central bank and government authority, Bitcoin relies on peer-to-peer software and cryptography (a technological data protection method) to maintain its integrity. The network software protocols ensure that each Bitcoin (or portion of) has a unique identity that cannot be copied. Under a so-called ‘mining’ process, new Bitcoins are created by computers solving complex mathematical puzzles: however, the total supply of Bitcoin will ultimately be limited to 21 million. Bitcoin transactions are stored on a global network of computers via a verification and recording process called blockchain – or distributed ledger technology. Blockchain establishes a ‘single version of truth’ where all users can see and agree on who owns each Bitcoin at any point in time.
Given the Underlying Funds invest in Bitcoin, the price of Bitcoin will be a key factor influencing the performance of the Fund.
This is a highly speculative investment. Bitcoin is a highly volatile asset. This means the Fund will not be appropriate for all investors.
Investment Manager
Raise Investments Limited
Investment Policy and Objectives
The Fund is designed to provide investors with exposure to Bitcoin within a PIE compliant fund. This is achieved by investing in one or more listed offshore domiciled funds which invest directly in Bitcoin (each an “Underlying Fund” and together the “Underlying Funds”).
Investment Strategy
The Fund provides investors with exposure to Bitcoin by investing in one or more Underlying Funds, which are listed on foreign share markets, and invest directly in Bitcoin.
Benchmark
The Fund targets a return before fees and tax that broadly tracks the S&P Bitcoin Index in New Zealand dollars.
