Bitwise has launched an ETF that tracks the shares of leading cryptocurrency firms that have liquid crypto assets of $ 100 million or more on their balance sheets.
Digital asset management company Bitwise has entered the market with a new exchange-traded fund (ETF) that offers investors access to cryptocurrency firms. The company applied to launch the ETF back in February. The Bitwise Crypto Industry Innovators ETF has now been listed on the New York Stock Exchange under the ticker BITQ.
The ETF tracks the Bitwise Crypto Industry Innovators 30 Index, which includes companies “exclusively” in cryptocurrencies. These firms must have either 75% of their income generated from cryptocurrencies or 75% of their net assets in cryptocurrency. The index also includes firms that have liquid cryptoassets in the amount of $ 100 million or more on their balance sheets.
The index allows companies to be quickly listed if they do an initial public offering or direct listing, as happened when Coinbase was listed on the Nasdaq in April. Bitwise, which manages over $ 1.5 billion in assets, has previously launched a number of cryptocurrency index funds, one of which focuses on decentralized finance (DeFi).
Other companies are still trying to launch ETFs for the largest cryptocurrencies. VanEck recently filed with the US Securities and Exchange Commission (SEC) to launch an ETF on Ether. At the end of last year, the company filed for the third time to launch an ETF on Bitcoin, but the regulator postponed a decision on it until June 17.
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