Bitwise Asset Management has announced the launch of its Crypto Industry Innovators ETF
Bitwise Asset Management has announced the launch of its Crypto Industry Innovators exchange-traded fund (ETF) on the New York Stock Exchange.
Announcing today’s launch of the Bitwise Crypto Industry Innovators ETF (NYSE: $BITQ)! $BITQ holds public companies backing bitcoin and crypto innovation. Available in brokerages now! (BITQ ETF Risk Disclosure: https://t.co/k76Eg2q5GM) pic.twitter.com/jUZHxF4UFz
— Bitwise (@BitwiseInvest) May 12, 2021
Bitwise launched Bitwise Crypto Industry Innovations ETF offering exposure to the top publicly-listed firms
An exchange-traded fund that tracks 30 companies in the cryptocurrency market began trading on Wednesday on the New York Stock Exchange.
According to an announcement by asset management firm Bitwise, the so-called Bitwise Crypto Industry Innovators ETF (BITQ) tracks the performance of firms including Coinbase, MicroStrategy, and Galaxy Digital. The index is weighted by market cap, with Coinbase ($COIN) making up the most of the fund’s weighting at 9.56%.
Other components include miners like Riot Blockchain and Canaan.
Matt Hougan, CIO of Bitwise, said in a press statement:
“Like e-commerce and mobile before it, crypto is a disruptive technology creating massive opportunities for new companies to emerge as winners. Until recently, most great crypto innovators were private companies, but that’s changing rapidly. Today, there’s a growing set of public companies capitalizing on crypto and more to come. BITQ aims to identify these businesses and give investors access.”
Crypto stocks have seen their performance flatten over the past month after a breakneck start to 2021. Coinbase—which went public on the Nasdaq in April—is down more than 8% since its listing day.
A Bitcoin ETF has yet to be approved by the Securities and Exchange Commission. As hopes of such a fund await approval, the list of issuers wanting to keep growing includes companies like Anthony Scaramucci’s Skybridge and asset management giant Fidelity.
Bitwise had previously sought approval from the SEC to launch such a fund, but the company withdrew its application with the SEC earlier this year.
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