Bitwise Launches ETF of 30 ‘Pure-Play’ Crypto Firms Like Coinbase, MicroStrategy
Crypto asset manager Bitwise has come to market with a new exchange-traded fund (ETF) that offers investors exposure to companies in the cryptocurrency space.
- 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, its list of “pure-play” companies actively working in the crypto sector.
- They must all have either 75% of income derived from cryptocurrency or have 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 IPO 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