Fund Overview
The Bitcoin ETF PIE Fund aims to provide Kiwi investors with a simple way to get exposure to the performance of bitcoin in a simple, smart, and trusted way. The Fund provides the administration and tax benefits associated with being a PIE, including tax being capped at a maximum of 28%.
The Bitcoin ETF PIE Fund invests in US and Canadian exchange traded funds (commonly called ETFs) which in turn invest in bitcoin. This enables the Bitcoin ETF PIE Fund to be taxed in accordance with the Fair Dividend Rate tax regime, where tax is capped at 1.4% per annum for people on the top 28% PIR tax rate (being 28% of 5%). Being a multi-rate PIE also ensures people on lower PIR rates are taxed at their correct tax rate.
The Bitcoin ETF PIE Fund was established in 2021
With over $30 million of assets today (30 June 2025), the Bitcoin ETF PIE Fund was established in 2021. It was previously called the Vault International Bitcoin Fund, with this name being changed in May 2025.
The investment manager of the Fund is Raise Investments Limited, which is registered on the Financial Service Providers Register to provide investment manager services. Investors can have the confidence and peace of mind that they are investing through a New Zealand owned and operated company.
The Bitcoin ETF PIE Fund is a registered regulated offer in New Zealand with the disclosure material being available on this website, or from the issuer and manager FundRock, or on the Disclose Register.
Accessing the Fund
You can access the Bitcoin ETF PIE Fund through your investment adviser (if they are unable to access the Fund, tell them to contact us).
The Fund is also available through InvestNow which is an online investment platform based in New Zealand that offers Kiwi investors the option to invest in KiwiSaver, managed funds, and term deposits from a wide range of fund managers and banks.
Raise Investments Limited
Raise is a New Zealand based alternative assets investment management business. Raise is registered on the Financial Service Providers Register to provide investment manager services and is responsible for making underlying investment decisions for its funds.
Raise is seeking to leverage the teams deep understanding of the NZ investment administration and management landscape to bring alternative asset investment options to NZ investors. Raises mission is to ensure that its fund options are tailored specifically for the NZ regulatory and NZ tax regimes, as well as being easily accessible for NZ investors.
Raise is jointly owned by the family interests of Anthony Edmonds and by Gareth Fleming. Anthony was the Founder of Implemented Investment Solutions Limited (now FundRock NZ Limited) and InvestNow. Gareth was Executive Director and Chief Financial Officer alongside Anthony over the 10 years FundRock and InvestNow were established and grown into substantial NZ investment management businesses. They subsequently sold these businesses to Apex Group in 2022, which is a global investment administration business. Gareth is now Managing Director of Raise.
During the FundRock days in 2021, the initial design and launch of the Bitcoin ETF PIE Fund was built in partnership with a third party. The focus of this fund was on enabling Kiwi investors to get exposure to bitcoin within a NZ regulated fund that also provided NZ tax benefits associated with being a PIE.
The Bitcoin ETF PIE Fund is now the flagship fund for Raise and reflects our mission to make an alternative asset investment NZ accessible, NZ regulatory compliant and NZ tax effective for NZ investors.
In order to bring funds to market, Raise has partnered with some of New Zealand’s best fund service providers. This operating model ensures specialists providers for regulatory compliance, audit, tax, distribution, fund administration and custody. This enables multiple layers of oversight and consequentially allows Raise to focus on investment management activities, as well as ensure the fund service providers are focussed and optimised.