BetaShares crypto innovators ETF are now tracking exchanges, mining companies, and even service providers. Six months after following its very own application along with the Australian Securities Exchange or AXS, BetaShares is now very close to launching a brand new crypto-focused exchange-traded fund or ETF.
BetaShares Crypto Innovators ETF
According to the story by CoinTelegraph, the recent announcement gave the official name of the Aussie ETF manager's very own new product called BetaShares Crypto Innovators ETF. This occured after relevant regulatory approvals. The ETF is now going to be tradable under the ticker symbol CRYP on the AXS.
The article notes that similar to Bitcoin or other crypto-focused ETFs, BetaShares' fund will aim to provide a level of crypto exposure towards institutional investors looking to invest in cryptocurrencies indirectly. The brand new fund is set to track the Bitwise Crypto Industry Innovators Index, which was previously launched in May.
Coinbase, Riot Blockchain, and MicroStrategy Highlighted
This is a way for investors to get exposure to the top publicly listed firms operating in the blockchain and crypto industries. The announcement highlights crypto exchange Coinbase, Riot Blockchain, a Bitcoin mining company, and even Michael Saylor's own MicroStrategy as the current index constituents.
A huge chunk of the index of 85% will now consist of companies that derive at a minimum 75% of their own revenue from directly serving crypto markets. This includes crypto exchanges, mining companies, and other service providers. The volatile nature of cryptocurrency can be seen with the current SHIB situation where the cryptocurrency even became the 2nd most talked about cryptocurrency on Twitter.
Liquid ETF Structure
BetaShares CEO Alex Vynokur gave a statement noting that the crypto economy is now highly dynamic and even growing rapidly while being built using exciting as well as a disruptive technology. He added that the brand new fund would enable exposure to the crypto sector in a more familiar, liquid ETF structure.
It was noted that Mark Twain is famous for actually saying that it is a good time during the gold rush to be in the pick and shovel business, as seen in an article by TrendingPlan. It was then stated that CRYP will take a pick and shovel approach towards the crypto sector, investing in the companies that are now driving the crypto economy.
BetaShares on ASX
BetaShares has already submitted its official application to the ASX back in March 2021. The company, however, did not really reveal the nature of its fund initially. Vynokur then stressed the significant demand for certain crypto-focused ETFs, adding that a new regulated structure of an ETF will be the more appropriate structure for the majority of different investors.
As of the moment, El Salvador is now investing $4 million of its new crypto profits into a new veterinary hospital that will be located in the country's capital. Nayib Bukele, the Salvadoran president, noted that they will be selling Bitcoin to fund this particular investment.
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Written by Urian B.