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.
May 12, 2021 at 2:14 p.m. UTCUpdated Aug 19, 2021 at 9:22 a.m. UTC
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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.
- 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 .
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