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Bitwise Launches ETF of 30 'Pure-Play' Crypto Firms Like Coinbase, MicroStrategy
The ETF will aim to track Bitwise's list of top crypto firms and includes companies with $100 million or more of liquid crypto assets on their balance sheet.
Crypto asset manager Bitwise has come to market with a new exchange-traded fund (ETF) that offers investors exposure to companies in the cryptocurrency sector.
STORY CONTINUES BELOW
- The Bitwise Crypto Industry Innovators ETF is now live on the New York Stock Exchange with the ticker "BITQ".
- The product aims to track Bitwise's Crypto Industry Innovators 30 Index, the firm's list of “pure-play" crypto companies.
- Those companies must have either 75% of income derived from cryptocurrency or 75% of their net assets in crypto.
- Firms with $100 million or more of liquid crypto assets on their balance sheet are also included.
- The index allows for firms to be added quickly should they hold an initial coin offering or direct listing, as happened when Coinbase (COIN) listed on the Nasdaq in April.
- Bitwise, which says it now has over $1.5 billion in assets under management, has previously launched a number of crypto index funds, including one focused on decentralized finance, or DeFi .
Also read: DeFi Index Fund Is Bitwise’s Fastest Grower, With $32.5M in 2 Weeks: Hougan
Daniel Palmer
Previously one of CoinDesk's longest-tenured contributors, and now one of our news editors, Daniel has authored over 750 stories for the site. When not writing or editing, he likes to make ceramics. Daniel holds small amounts of BTC and ETH (See: Editorial Policy).
