Alternative Investments/Digital: Bitwise Files For ‘Crypto Innovators ETF’

The new ETF will track the performance of crypto innovators.

Bitwise Asset Management, a digital assets manager and index provider, has filed a new prospectus with the SEC to launch a Crypto Innovators’ ETF. (The Block)

Bitwise Crypto Innovators’ ETF

The proposed ETF will track the performance of the Bitwise Crypto Innovators Index, which is compiled by Bitwise Index Services.

The term “Crypto Innovators” generally refers to companies that service and transact in the segment of the economy dealing with crypto assets and distributed ledger technology (e.g., blockchain technology).

Crypto Innovators include parties that operate crypto-asset trading platforms, custodians, and wallets; financial services providers leveraging crypto-assets and/or blockchain technology, or other financial institutions principally servicing clientele involved in the crypto ecosystem; distributed ledger infrastructure and transaction validation services (e.g., crypto-asset “miners”); and technology hardware, software and solutions providers to participants of the crypto ecosystem. These companies also include issuers that own a material amount of crypto assets or otherwise generate revenues relating to the crypto asset or distributed ledger technology.

The proposed Index will be comprised primarily of companies that derive more than 75% of their revenue from the crypto sector or that have more than 75% of their net assets held in cryptocurrency. The remainder includes large-cap companies that have a “dedicated business initiative” focused on crypto.

The Fund will normally invest at least 80% of its total assets in securities of the Index or depositary receipts representing securities of the Index.

However, the Fund will not invest in crypto assets directly or through the use of derivatives. The Fund also will not invest in initial coin offerings.

Bitwise Bitcoin Fund

Earlier this month, Bitwise filed a Form 211 with the U.S. Financial Industry Regulatory Authority (FINRA). The firm intends to list its Bitwise Bitcoin Fund on OTC markets.

Previously the firm won approval to list its Bitwise 10 Crypto Index Fund.

Related Story:   SEC Rejects Bitcoin ETF Proposal from Bitwise

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