San Francisco-based Bitwise Asset Management has announced the official launch of the Exchange Traded Fund (ETF) Crypto Industry Innovators. Following a series of rejected proposals from the US Securities and Exchange Commission (SEC) for Bitcoin ETFs, the new fund could provide access to crypto-related assets.
In particular, the new Bitwise fund, called “BITQ”, offers investors exposure to stocks of “public companies involved in the growing Bitcoin and cryptocurrency sectors”.
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The assets were selected based on Bitwise’s “Crypto Industry Innovators 30 Index”, which includes companies that “have actual, substantial activities in the crypto sector”.
According to an official announcement, most of the companies on the list “earn at least 75% of their sales directly serving cryptocurrency markets or have earned at least 75% of their net worth by directly holding liquid crypto-assets.” In addition, companies must “have $ 100 million in liquid crypto assets on their balance sheets.”
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“Just as e-commerce and mobile changed the way the world works, bitcoin and crypto are causing disruptive changes today,” said a statement on BITQ’s official website. “The Bitwise Crypto Industry Innovators ETF (NYSE: BITQ) can potentially help investors capitalize on this wave of innovation.”
“Many investors had to watch from the sidelines” while others achieved “stellar cryptocurrency returns”.
For some US investors, BITQ may be the best available option when it comes to exposure to cryptocurrencies. Bitwise chief executive Hunter Horsley said the shortage of regulated cryptocurrency investment products in the United States has not gone unaffected.
“In recent years, many investors have had to watch from the sidelines as a few reap the benefits of outstanding cryptocurrency returns,” Horsley said in an official statement. “We kept hearing from customers that the biggest challenge was finding a way to access the incredibly complex and fast-moving crypto space.”
“With BITQ, our goal is to make crypto investment opportunities available through traditional investment platforms and a familiar, liquid and inexpensive ETF. We are excited to see this area continue to grow as investors become increasingly interested in this transformative asset class. “
A CoinTelegraph report noted that while BITQ may be the first regulated fund to include the word “crypto” in its name, it is not the first to offer direct exposure to the leading companies in the crypto sector. For example, the Amplify Transformational Data Sharing ETF (BLOK) has added stocks to a number of crypto companies. The fund has gained 36.4 percent so far this year, making it one of the 50 ETFs with the best performance of 2021.