The options available to you will vary based on your legal jurisdiction (i.e., where you are located).
I'm located in the US, and this is the part where I need to get more familiar with bitcoin. I was under the impression that since it was anonymous money I wouldn't need to register with the SEC or get any of my Series 3, 6, 7 or any other licenses to operate a bitcoin fund. Guess I was wrong on that front. Glad I asked first or I would have gotten caught up in some ish I can't handle.