New BetaShares ETF for tracking Coinbase, Riot and MicroStrategy

Six months after applying to the Australian Securities Exchange (ASX), BetaShares is now about to launch a new cryptocurrency-focused exchange-traded fund (ETF).

According to the announcement on Wednesday, the official name of the Australian ETF manager’s new product is BetaShares Crypto Innovators ETF. After obtaining the approval of the relevant regulatory authorities, it will be traded on the ASX under the stock code CRYP.

And similar Bitcoin (Bitcoin) Or an ETF focusing on cryptocurrency, BetaShares’ fund aims to provide a certain degree of cryptocurrency exposure for institutional investors who want to indirectly invest in cryptocurrency.

The new fund will track Bitwise Crypto Industry Innovator Index, It was launched in May as a way to reach top public companies operating in the blockchain and crypto industries.

The announcement highlighted cryptocurrency exchange Coinbase, Bitcoin mining company Riot Blockchain and Michael Saylor’s MicroStrategy as current index components. The majority of the index (85%) consists of at least 75% of its revenue from companies that directly provide services to the crypto market, such as crypto exchanges, mining companies, and service providers.

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Alex Vynokur, CEO of BetaShares, said: “The crypto economy is dynamic, growing rapidly, and is built using exciting and disruptive technologies.” He added that the new fund will enable people to access crypto with a familiar, liquid ETF structure. industry.

“Mark Twain once said that’during the gold rush is a good time to engage in the pickaxe and shovel industry’ is known.” CRYP will take a’picky’ approach to the crypto industry and invest in companies that promote the development of the crypto economy. ”

BetaShares Submitted an application to ASX in MarchThe company did not initially disclose the nature of its fund. Vynokur subsequently emphasized the huge demand for ETFs with a focus on cryptocurrencies, adding that the regulated structure of ETFs is a more appropriate structure for most investors.