New BetaShares ETF includes Coinbase, Riot and MicroStrategy

Six months after you applied to the Australian Stock Exchange (ASX) BetaShares is now about to launch a new crypto-focused Exchange Traded Fund (ETF).

According to an announcement on Wednesday, the official name of the new product is the Australian ETF manager BetaShares Crypto Innovators ETF. After the appropriate regulatory approvals, it would trade under the ticker symbol CRYP on the ASX.

As with similar Bitcoin (BTC) or cryptocurrency-focused ETFs, The BetaShares fund aims to provide some exposure to institutional investors who want to invest indirectly in cryptocurrencies.

New BetaShares ETF includes Coinbase, Riot and MicroStrategy
New BetaShares ETF includes Coinbase, Riot and MicroStrategy

The new fund will track Bitwise’s Crypto Industry Innovators Index, launched in May, to present itself to major publicly traded companies in the blockchain and cryptocurrency industries.

The announcement highlights the cryptocurrency exchange Coin base, the Bitcoin mining company Riot blockchain and MicroStrategy by Michael Saylor as current constituents of the index. The majority of the index (85%) is made up of companies that generate at least 75% of their income from directly serving cryptocurrency markets, such as crypto exchanges, mining companies and service providers.

“The crypto economy is very dynamic and growing rapidly and is based on exciting and disruptive technology.” said BetaShares CEO Alex Vynokur. He added that the new fund would allow exposure to the crypto sector in a more robust ETF structure.

“Mark Twain is famous for saying, ‘The gold rush is a great time to be in the shovel and picture business.’ CRYP will take a ‘pick and shovel’ approach to the crypto sector and invest in the companies that drive the critical economy. “

BetaShares submitted its application to the ASX in March. The company initially did not provide any information about the type of its fund. Vynokur then highlighted the significant demand for cryptocurrency-focused ETFs, adding that A regulated ETF structure is the most suitable structure for most investors.

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