Alternative Investments/Digital: A New ETF From Bitwise For “Crypto-Adjacent” Assets
Bitwise Asset Management launches the Crypto Industry Innovators ETF.
The new Crypto Industry Innovators ETF (NYSE: BITQ) from Bitwise Asset Management offers investors exposure to shares of “public companies that are participants in the growing bitcoin and cryptocurrency sector.” The fund may address investors’ zeal for crypto given the SEC’s continued reluctance to green-light a bitcoin ETF. (Finance Magnates)
Bitwise Asset Management has assets under management of $1.5 billion.
“Over the past few years, many investors have had to watch from the sidelines as a select few have reaped the rewards of stellar cryptocurrency returns,” said Hunter Horsley, CEO of Bitwise. “We’ve heard time and again from clients that the primary challenge has been finding a way to access the incredibly complex and fast-moving crypto space. With BITQ, we aim to make crypto investment opportunities available through traditional investing platforms and a familiar, liquid, and cost-effective ETF.”
Crypto Industry Innovators ETF (NYSE: BITQ)
BITQ seeks to track the Bitwise Crypto Industry Innovators 30 Index.
The Index is designed with Bitwise’s industry expertise to capture “pure-play” companies engaged in actual, material activity in the crypto sector.
Additionally, the index includes companies with at least $100 million of liquid crypto assets on their balance sheet. Furthermore, companies should derive at least 75% of their revenue from directly servicing cryptocurrency markets or have at least 75% of their net assets accounted for by direct holdings of liquid crypto assets.
A fast entry for new public debuts
The index also features a “fast-entry” rule allowing for new IPOs and direct listings to enter the index one day after their debut. This allows for it to quickly reflect changes in the universe of listed crypto companies.
“As e-commerce and mobile before it, crypto is a disruptive technology creating massive opportunities for new companies to emerge as winners,” said Matt Hougan, CIO of Bitwise. “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.”
Related Story: Bitwise Files For ‘Crypto Innovators ETF’
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